sebi:SD/AO/54/2010
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Facts / Headnote
Charges not established; no penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- M/s. IFSL Ltd.
Holding
The Adjudicating Officer held that the charges against IFSL Ltd. for violation of Regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e) and 4(2)(g) of PFUTP Regulations did not stand established and no penalty under Section 15HA was attracted.
Full text
Page 2 of 8 2. SEBI has initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI’) against M/s. IFSL Ltd. (hereinafter referred to as the ‘Noticee’) on account of allegedly violating the provisions of Regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e) & 4(2)(g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 8 Ramdas Kshirsagar is the director of another connected entity viz. M/s Sharpline Trading Company Pvt. Ltd (connected entity). The details of the market and off market transactions done by various connected entities including the Noticee were provided to Noticee as an Annexure 3 to SCN.
Page 4 of 8 NOTICE, REPLY & HEARING 8. A Show Cause Notice (hereinafter referred to as ‘SCN’) bearing no. EAD-2 /SD/PM/129144/2008 dated June 18, 2008 was issued to the Noticee in terms of the provisions of Rule 4 of SEBI (Procedure for Holding Inquiry & Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “the Rules’), requiring the Noticee to show cause as to why an enquiry should not be held for the violations alleged to have been committed by the Noticee. It is noted that Noticee has replied to said SCN and inter-alia submitted that the Company IFSL Ltd. had transacted in shares of KCL with brokers account through market only as an investment. It also submitted that it has no information about the dealings of its Promoter Company and directors in their individual capacity.
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Source: SecMarx — sebi:SD/AO/54/2010. 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.