sebi:SD/AO/68/2010
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Facts / Headnote
Allegations held established but found merely technical/venial; no penalty imposed; matter disposed
Provisions invoked
- s. 11
- s. 15
- s. 15J
- s. 11C
Parties
- Pankaj Shah
Holding
The allegations against Noticee Pankaj Shah of failure to comply with Investigating Authority summons/notices dated March 15, 2007, March 26, 2007 and April 4, 2007 stand established, but the violation is merely technical/venial in nature and the matter is disposed accordingly without penalty.
Full text
Page 2 of 8 3. It is alleged that the Investigating Authority of SEBI issued summons/notice dated March 15, 2007, March 26, 2007 and April 4, 2007 to the Noticee requiring the Noticee to explain the nature of transactions which indicated the Noticee’s involvement in manipulation in the market & offer Noticee’s comments in detail along with the production of relevant information/documents. It is alleged that the Noticee failed to comply with the said summons/Notices and failed to submit the information/documents to the Investigating Authority.
Page 3 of 8 7. On 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 October 26, 2009 vide Notice of Hearing dated October 21, 2009 at SEBI Head Office, Mumbai. However, the Noticee had requested for extension of time. Therefore another opportunity of personal hearing was given to the Noticee on February 16, 2010 vide Notice of Hearing dated January 19, 2010 at SEBI Head Office, Mumbai. On the scheduled date and time, Mr. Aditya Bhansali and Mr. J J Bhat the authorized representatives for the Noticee had appeared and made oral submissions. Furthermore, they stated that they would file additional written submissions by March 2, 2010. Consequently, the Noticee had filed additional written submissions vide letters dated March 3, 2010 and May 12, 2010.
Page 4 of 8 securities market to furnish such information or to preserve and produce all the books, registers, other documents and record of the company or the intermediary, as may be required by the Investigating Authority. Further, Section 11 C (3) empowers the Investigating Authority of SEBI to require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorized by it in this behalf as it may consider necessary if the furnishing of such information or documents are necessary.
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Source: SecMarx — sebi:SD/AO/68/2010. 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.