sebi:SD/AO/57/2010
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Facts / Headnote
Violation proved; monetary penalty of Rs. 5,00,000 imposed on the Noticee
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 4
- Reg. 3
Parties
- Shri Umesh Choukekar
Holding
The Noticee violated Regulation 4(1) and 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by manipulative synchronized/structured trading in VTL as part of the Ajit Suryavanshi group and was held liable for monetary penalty under Section 15HA of the SEBI Act, with a penalty of Rs. 5,00,000 imposed.
Full text
Page 2 of 10 3. It was alleged that one of the entities, viz., Shri Umesh Choukekar (hereinafter referred to as “Noticee”), client of M/s Orbis Securities Pvt. Ltd., violated the provisions of regulations 4 (1), 4 (2) (a),(b), (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and therefore, liable for monetary penalty under section 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 10 alleged to have been committed by him. The said notice returned undelivered. The Noticee was served the said Notice by Hand Delivery on March 15, 2010.
Page 4 of 10 trading in the scrip of VTL executed synchronized/ structured deals and created artificial volume and influenced the price of the scrip.
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Source: SecMarx — sebi:SD/AO/57/2010. 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.