sebi:SD/AO/142/2009
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Facts / Headnote
Violation proved; monetary penalty of Rs. 5,00,000 imposed on the Noticee under section 15HA of the SEBI Act.
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 4
- Reg. 3
Parties
- Shri Prashant Narvekar
Holding
The Noticee, Shri Prashant Narvekar, was held to have violated Regulation 4(1) and Regulation 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by executing matched trades, creating artificial volume, and facilitating promoters in off-loading shares, and a monetary penalty of Rs. 5,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 9 3. It was alleged that one of the entities, viz., Shri Prashant Narvekar (hereinafter referred to as “Noticee”), client of M/s Vijay Bhagwandas & Co., Member, BSE violated the provisions of regulations 4 (1), 4 (2) (a), (b), (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and therefore, liable for monetary
Page 3 of 9 returned undelivered. The Noticee was served the said Notice by Hand Delivery on September 2, 2009. 7. It is noted that noticee has not filed any reply in response to the said show cause notice. On considering the facts of the case, it was decided to conduct an inquiry in the matter and the noticee was granted an opportunity of personal hearing and accordingly was advised to attend the hearing 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 and that he has no justification or explanation in the manner in which trading has been done by him and for the allegation of manipulation.
Page 4 of 9 the market. It is further observed that of the trading done by the Noticee in the market, 107 trades accounting for 1,64,173 shares were matched and were thus done in order to create artificial volume and affect the price of the scrip. These orders for these trades were put at almost the same time and with no price difference.
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Source: SecMarx — sebi:SD/AO/142/2009. 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.