sebi:SD/AO/70/2010
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Facts / Headnote
Adjudication proceedings disposed of without imposition of monetary penalty
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
Parties
- M/s IFSL Ltd.
Holding
The charges against M/s IFSL Ltd. for violation of Regulation 4(1), 4(2)(a) and 4(2)(e) of the PFUTP Regulations were held not established, and the adjudication proceedings were disposed of without imposing monetary penalty under Section 15HA of the SEBI Act.
Full text
Page 2 of 5 3. M/s IFSL Ltd. (hereinafter referred to as the ‘Noticee’) was one of the entities alleged to have violated the provisions of Regulation 4(1), 4(2)(a) and 4(2)(e) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as the ‘PFUTP Regulations’) for which the instant proceeding has been initiated and therefore, the Noticee is liable for monetary penalty as prescribed under section 15 HA of the Securities and Exchange Board of India Act,1992(hereinafter referred to as ‘SEBI Act’)
Page 3 of 5 7. Considering the material available on record, it was decided by the undersigned to conduct an inquiry in the instant matter and an opportunity of personal hearing was given to the Noticee. The Noticee was advised to attend the said personal hearing on March 18, 2010. The notice of hearing was duly delivered. However, the Noticee neither appeared before the undersigned nor made any correspondence to the undersigned in this regard.
Page 4 of 5 PFUTP Regulations : Reg. 4:Prohibition of manipulative, fraudulent and unfair trade practices (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:- (a) indulging in an act which creates false or misleading appearance of trading in the securities market; (e) any act or omission amounting to manipulation of the price of a security;
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Source: SecMarx — sebi:SD/AO/70/2010. 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.