sebi:SD/AO/54/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee held guilty and penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C(6)
- s. 12
- s. 11C(2)
Regulations
- Reg. 7
- Reg. 6
- Reg. 4
- Reg. 4(2)(a)
- Reg. 8
- Reg. 8(1)(a)
Parties
- M/s Anushree Tradelink Private Limited
Holding
The Noticee violated Sections 11C(2) read with 11C(3) and 11C(5) of the SEBI Act and Regulations 8(1)(a) and 8(1)(b) of the PFUTP Regulations by failing to comply with three summons, and violated Regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations by fraudulent and manipulative trading in BIFL. A total penalty of Rs 20,00,000 was imposed under Sections 15A(a) and 15HA of the SEBI Act.
Full text
Page 2 of 11 violated the provisions of Sections of 11C(2) read with 11C(3) and 11C(5) of the Securities and Exchange Board of India Act,1992(hereinafter referred to as ‘SEBI Act’) as well as violated the Regulation 4(2)(a), 4(2)(e), 8(1)(a) and 8(1)(b) of the PFUTP Regulations for which the instant proceeding has been initiated and therefore, liable for monetary penalty as prescribed under section 15A(a) and 15 HA of the SEBI Act .
Page 3 of 11 CONSIDERATION OF ISSUES AND FINDINGS : 7. Now, in this instant matter the following issues arise for consideration : a. Whether the Noticee had violated the provisions of the SEBI Act for non-compliance of summons issued by the Investigating Authority, SEBI u/s 11C(3) and 11C(5) of the SEBI Act and failed to co-operate the Investigating Authority as per Regulation 8(1)(a) and 8(1)(b) of PFUTP Regulations ? b. Whether the Noticee had violated Regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations ? c. Whether the Noticee is liable for monetary penalty prescribed under Sections 15A(a) and 15HA of the SEBI Act for the aforesaid violations ? d. If , yes what should be the quantum of monetary penalty ?
Page 4 of 11 and for that purpose may require any of those persons to appear before it personally. PFUTP Regulations 4. Prohibition of manipulative, fraudulent and unfair trade practices
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Source: SecMarx — sebi:SD/AO/54/2009. 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.