sebi:SD/AO/15/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Found guilty and penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
Parties
- Shri Sandeep Kumar Gupta
Holding
The Noticee was held guilty of fraudulent dealings in the scrip of VLL in violation of the PFUTP Regulations and a monetary penalty of Rs. 50,000 under Section 15HA of the SEBI Act was imposed on Shri Sandeep Kumar Gupta.
Full text
Page 2 of 10 in the scrip of VLL in such a manner which led to the distortion market equilibrium leading to depression in the price of the scrip.
Page 3 of 10 SHOW CAUSE NOTICE/REPLY/PERSONAL HEARING : 6. A show cause notice (SCN) dated January 22, 2008 under Rule 4 of the Adjudicating Rules was issued to the Noticee asking him to show cause as to why an enquiry should not be held against him and penalty be not imposed under Sections 15HA of the SEBI Act for his fraudulent dealings as per PFUTP Regulations. However, the said notice was returned undelivered. Thereafter, the SCN was delivered through its broker M/s FMS Securities Limited. In response to the said SCN the Noticee filed a brief reply vide letter dt. 30.06.2008. In his reply the Noticee had stated that he was a small investor and had been investing in stock market for making profit. The Noticee had also submitted that the said transactions in the scrip of VLL were the part of his jobbing transactions. However, he had no knowledge about the synchronization of such transactions made by him.
Page 4 of 10 9. Before proceeding I would like to discuss the relevant provisions of the above said regulations which reads inter alia as under : PFUTP, 1995 Prohibition of certain dealings in securities
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Source: SecMarx — sebi:SD/AO/15/2010. 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.