sebi:SD/AO/96/2010
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Facts / Headnote
Allegations not established; matter disposed without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
Parties
- Raj Ratan Damani
Holding
The allegations in the show cause notice against Noticee Raj Ratan Damani do not stand established as his trades in JSL are not proved to be manipulative, and no monetary penalty is imposed.
Full text
Page 2 of 10 which did not have any correlation with the performance of the company. 3. It was alleged that one of the entities, viz., Shri Raj Ratan Damani (hereinafter referred to as “Noticee”), client of M/s Chintamani Shares and Broking Ltd. violated the provisions of Regulations 4 (1), 4 (2) (a),(b),(g) and (n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and therefore, liable for monetary penalty under section 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 10 Adjudicating Officer in the instant matter vide SEBI order dated November 23, 2007. REPLY 7. The Noticee in response to the SCN sent a letter dated September 20, 2007 making brief submissions. 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 November 5, 2009. On the said date the Noticee attended the hearing though its authorized representative and sought time to file for consent.
Page 4 of 10 c) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:SD/AO/96/2010. 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.