sebi:SD/AO/76/2010
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Facts / Headnote
Noticee found to have violated Regulations 4(1) and 4(2)(a), (b), (d) & (e) of PFUTP Regulations; monetary penalty of Rs.5,00,000 imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 9
- Reg. 4(1)
Parties
- Shri Dharmendra Thapa
Holding
The Noticee Shri Dharmendra Thapa violated Regulations 4(1) and 4(2)(a), (b), (d) & (e) of the PFUTP Regulations and is liable for monetary penalty under Section 15HA of the SEBI Act, with penalty of Rs.5,00,000 imposed.
Full text
Page 2 of 12 APPOINTMENT OF ADJUDICATING OFFICER: 2. On the basis of the said investigation, Ms. Babita Rayudu was appointed as the Adjudicating Officer vide Order of SEBI dated August 08, 2007 under section 15-I of the SEBI Act, 1992 (hereinafter referred to as the ‘SEBI Act’) read with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15HA of the SEBI Act, the alleged violation of the provisions of Regulations 4 (1) and 4 (2) (a), (b), (d) & (e) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the ‘PFUTP Regulations’) by, inter alia, Shri Dharmendra Thapa.
Page 3 of 12 5. The said notice to show cause (hereinafter referred to as the ‘SCN’) was sent to the Noticee by ‘Registered Post Ack. Due’ and was delivered to him. However, the Noticee has failed to reply to the said SCN.
Page 4 of 12 (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; (b) dealing in a security not intended to effect transfer of beneficial ownership but intended to operate only as a device to inflate, depress or cause fluctuations in the price of such security for wrongful gain or avoidance of loss; (d) paying, offering or agreeing to pay or offer, directly or indirectly, to any person any money or money’s worth for inducing such person for dealing in any security with the object of inflating, depressing, maintaining or causing fluctuation in the price of such security; (e) any act or omission amounting to manipulation of the price of a security;”
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Source: SecMarx — sebi:SD/AO/76/2010. 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.