sebi:SD/AO/71/2009
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Facts / Headnote
No monetary penalty imposed under Section 15HA; matter disposed of
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 4
Parties
- Shri Ramkrishna Dudwawala
Holding
The Adjudicating Officer did not find it necessary to impose any monetary penalty under Section 15HA of the SEBI Act on Shri Ramkrishna Dudwawala and disposed of the matter.
Full text
Page 2 of 13 2 was found that the average price of the scrip of TCL at CSE was Rs.23.50 on January 01, 2004 and it went up to Rs.322 on August 03, 2004, thereby witnessing manifold rise within a period of 7 months. The said price rise did not appear to be normal and was alleged to be as a result of money laundering by a colluding group of persons.
Page 3 of 13 3 4. In response to the said notice to show cause (hereinafter referred to as the ‘SCN’), the Noticee submitted a written reply dated August 27, 2007. The submissions made by the Noticee have been mentioned later in this
Page 4 of 13 4 PFUTP Regulations, 2003 “4. Prohibition of manipulative, fraudulent and unfair trade practices (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/71/2009. 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.