sebi:SD/AO/61/2010
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 7
Parties
- Shri Piyush R. Desai
Holding
The Adjudicating Officer held that Shri Piyush R. Desai violated Regulations 4(1) and 4(2)(e) of the PFUTP Regulations by indulging in unfair trade practice and price manipulation in the scrip of CNIL, and imposed a monetary penalty of Rs.1,00,000/- under Section 15HA of the SEBI Act.
Full text
Page 2 of 11 in the scrip during the said period amounted to 41,600 shares. The scrip was illiquid and infrequently traded during the major part of the period of investigation. The fundamentals of the Company were not encouraging and could not justify such a steep rise in the price of the scrip.
Page 3 of 11 4. In response to the said notice to show cause (hereinafter referred to as the ‘SCN’), the Noticee submitted a written reply dated June 09, 2009. The
Page 4 of 11 (1) Without prejudice to the provisions of regulation 3, no person shall indulge in a fraudulent or an unfair trade practice in securities. (2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include all or any of the following, namely :— (e) any act or omission amounting to manipulation of the price of a security;
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Source: SecMarx — sebi:SD/AO/61/2010. 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.