sebi:SD/AO/61/2009
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Facts / Headnote
Penalty imposed on Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Ms. Bhavana Bipin Shah
Holding
The Noticee was found to have violated Regulations 3(a), (b), (c), (d) and 4(1) of the PFUTP Regulations, 2003 by engaging in fraudulent and unfair trade practices in the scrip of KCL, and a penalty of Rs. 2,00,000 was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 10 (d) & 4(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 10 sudden spurt in the volume and price of the said scrip. These volumes were adequate enough to induce other investors to deal in the scrip of KCL.
Page 4 of 10 10. Considering the facts of the case, it was decided to conduct an inquiry in the matter and the Noticee was granted an opportunity of personal hearing and accordingly was advised to attend the hearing on January 13, 2009 but Noticee failed to appear on the said date. However, in the interest of Natural Justice another opportunity of Personal Hearing was given to Noticee and was advised to appear on January 19, 2009 but Noticee failed to appear on the said date and even failed to submit any kind of reply. In this regard, I have observed that SCN and both the notices of Personal Hearing have been duly received by the Noticee. However, neither the Noticee nor her authorised representative appeared before me. The Noticee has also failed to file any written submissions to that effect.
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Source: SecMarx — sebi:SD/AO/61/2009. 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.