sebi:SD/AO/62/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(a)
- Reg. 4(2)(a)
Parties
- M/s Abhinandan Fintex Pvt. Ltd.
Holding
The Noticee was held guilty of violating Regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations for fraudulent dealing in the scrip of BIFL. A monetary penalty of Rs 2,50,000 was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 9 in respect of buying, selling and dealing in the shares of BIFL and to enquire about the possible violation of the various regulations of SEBI including SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating the Securities Market) Regulations, 2003(hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 9 SHOW CAUSE NOTICE/REPLY/PERSONAL HEARING : 5. A notice to show cause dated May 16, 2008 under Rule 4 of the Adjudicating Rules was issued to the Noticee asking it to show the cause (hereinafter referred to as ‘SCN’) as to why an enquiry should not be held against him and penalty, as prescribed be not imposed under Section 15HA of SEBI Act for its alleged violation of SEBI Act and Regulation 4(2)(a) and 4(2)(e) of the PFUTP Regulations. It was also advised to reply alongwith the copies of the documents, if any, in support of contentions, failing which the matter shall be proceeded on the basis of the material available on record.
Page 4 of 9 c. If , yes what should be the quantum of monetary penalty ? 8. Before proceeding further, I would like to refer to the relevant alleged provisions of PFUTP Regulations which reads as under :
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Source: SecMarx — sebi:SD/AO/62/2009. 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.