sebi:SD/AO/42/2010
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Facts / Headnote
Noticee held guilty; penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C(6)
- s. 12
- s. 11C(2)
- s. 11C(5)
Parties
- Shri Akhilesh Kamal Prasad Mishra
Holding
Shri Akhilesh Kamal Prasad Mishra was held guilty of violating Section 11C(2) read with Section 11C(5) for non-compliance of summons dated July 07, 2006 and July 28, 2006. A monetary penalty of Rs 2,00,000 was imposed under Section 15A(a) of the SEBI Act, 1992.
Full text
Page 2 of 12 3. Shri Akhilesh Kamal Prasad Mishra (hereinafter referred to as the ‘Noticee’) was one of the entities who has allegedly dealt in the scrip of MCL during the period of investigation through broker M/s Galaxy Broking Limited and Jaypee Capital Services Limited (hereinafter referred to as ‘GBL’ and ‘JCSL’) respectively. It is observed from the investigation report (hereinafter referred to as ‘IR’) that the Noticee had bought 1,41,631 and sold 20,110 shares of MCL during the investigation period. Further, the Noticee had also received and transferred shares of MCL through off market transactions. For the purpose of further investigation, the Investigating Authority (hereinafter referred to as ‘IA’) sought various information and documents including details of his demat a/c, bank a/c in relation to its dealings in the scrip of MCL etc for which summons were issued to the Noticee. It is alleged that the Noticee failed to appear and comply with the summons of IA for which SEBI initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’) against the Noticee.
Page 3 of 12 the SEBI Act r/w Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules,1995 (hereinafter referred to as the ‘Adjudicating Rules’) to inquire into and adjudge under Section 15A(a)of the SEBI Act, the alleged violations of SEBI Act committed by the Noticee.
Page 4 of 12 the scrip of MCL and that is why I could not submit the papers as required by you. I had called for the documents from the broker and will submit you the same in due course.
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Source: SecMarx — sebi:SD/AO/42/2010. 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.