sebi:SD/AO/120/2009
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Facts / Headnote
Noticee held guilty of violating Section 11C(2) read with Section 11C(5) of the SEBI Act; penalty of Rs. 2,50,000 imposed under Section 15A(a).
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C(2)
- s. 11C(5)
Parties
- Shri Prashant Narvekar
Holding
The noticee, Shri Prashant Narvekar, was held guilty of failing to comply with three summonses issued by SEBI's investigating authority, in violation of Section 11C(2) read with Section 11C(5) of the SEBI Act, and a penalty of Rs. 2,50,000 was imposed under Section 15A(a).
Full text
Page 2 of 10 6, 2005 to the noticee requiring the noticee to furnish the details regarding his dealings in the shares of SYPCL. It is alleged that the noticee failed to comply with the said summonses and failed to submit the information to the investigating authority.
Page 3 of 10 accordingly was advised to attend the hearing on August 17, 2009. The Noticee sought for an extension and was asked to appear on September 16, 2009. The Noticee appeared in person for the hearing before the undersigned. The Noticee submitted that he has no justification for not submitting the reply to the Notices or for not complying with the summons.
Page 4 of 10 10. It is noted that investigating authority issued summons dated July 21, 2005 to the noticee seeking certain important information in relation to the investigation. The queries contained in the said summons related to relationship of the Noticee with company SYPCL and his trading in the said scrip along with the details of the off market transfers in the said scrip.
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Source: SecMarx — sebi:SD/AO/120/2009. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.