sebi:SD/AO/47/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Monetary penalty of Rs.50,000 imposed on Shri Sudip Kumar Joshi under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 7
Parties
- Shri Sudip Kumar Joshi
Holding
The Noticee violated Regulation 4(2)(a) and 4(2)(e) of the PFUTP Regulations and is liable for monetary penalty under Section 15HA of the SEBI Act, and a penalty of Rs.50,000 was imposed on Shri Sudip Kumar Joshi.
Full text
Page 2 of 9 witnessing manifold rise in its price. The financial performance of CIL could not justify the said price rise.
Page 3 of 9 5. The Noticee did not reply to the SCN. The Noticee was granted an opportunity of personal hearing on February 02, 2010 at ERO, SEBI, Kolkata which was attended by the Noticee. The Noticee made
Page 4 of 9 volume in the scrip of CIL and was the largest buyer in the scrip during the period under investigation. It was found that the trades of MCPL were not genuine and were aimed at rigging the price of the scrip and creating a false market in the scrip of CIL, thereby indulging in fraudulent and unfair trade practice and manipulation in the scrip of CIL.
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Source: SecMarx — sebi:SD/AO/47/2010. 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.