sebi:SP/AO/1/2009-10
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Facts / Headnote
Noticee held guilty of violating sections 11C(2) and 11C(3) of the SEBI Act and monetary penalty of Rs.10,00,000 imposed under section 15A(a).
Provisions invoked
- s. 15A
- s. 15
- s. 11
- s. 15J
- s. 15I
- s. 12
- s. 11C(3)
- s. 11C(2)
- s. 15I(2)
Regulations
- Reg. 4(a)
Holding
The Noticee violated sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with two summonses from the Investigating Authority and is liable to penalty under section 15A(a). A monetary penalty of Rs.10,00,000 was imposed on the Noticee.
Full text
Page 2 of 11 Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A(a) of the SEBI Act, the alleged violation of the provisions of section 11C(2) and section 11C(3) of the SEBI Act. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Page 3 of 11 the Investor Protection Fund (IPF) of the stock exchange. It was also directed to release the monies to all the offerors to the extent of the transaction/standard price of the securities offered and impound only the difference between the transaction/standard price and the auction price or the close out price, as the case may be. Vide the said order SEBI also constituted a Committee to consider representation from aggrieved persons. Subsequent to the order, BSE issued notice on July 08, 1996 inviting written representations from the aggrieved parties within 15 days of the notice.
Page 4 of 11 Noticee should deposit the amount received as a consequence of SEBI order dated May 16, 1998. i) Consequently, investigation in the case of Amit International Ltd (AIL) was once again taken up pursuant to the SAT order. Letters were issued to BSE, broker - Shri Yogesh Mehta and to the clients - Shri Atul Patira, Shri Deepak Sheth, Smt. Rita Patira and the Noticee.
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Source: SecMarx — sebi:SP/AO/1/2009-10. 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.