sebi:SPL/AO/SKS/SG/DCR/07/2010
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Facts / Headnote
Ex parte order holding noticee violated Regulation 4(1) and 4(2)(a), (b) and (g) of PFUTP Regulations and imposing penalty of Rs. 10,00,000 under Section 15HA of SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
Parties
- Shri Madhusudan C Thakkar
Holding
The noticee along with related counterparty indulged in circular/reversal/fictitious on- and off-market trading in Shalimar Production Limited creating false appearance of trading without effective transfer of beneficial ownership, violating Regulation 4(1) and 4(2)(a), (b) and (g) of PFUTP Regulations, and is liable to Rs. 10,00,000 penalty under Section 15HA of SEBI Act.
Full text
Page 2 of 35 creates false or misleading appearance of trading in the securities and did not result in to effective transfer of beneficial ownership thus instrumental in creating artificial volumes in the scrip which distorted market equilibrium of the scrip by which the noticee had violated the provisions of Regulation 4(1) and 4(2) (a), (b), and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and therefore, liable for monetary penalty under sections 15A(b) and 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 35 6. In view of above, aforesaid SCN was forwarded to Ahmedabad Regional Office – SEBI (hereinafter referred to as ‘ARO‐SEBI’) and Galaxy Broking Limited i.e., broker of the noticee for delivery of the said SCN to the noticee. It is observed that in both the cases, the SCN was failed to deliver to the noticee since the noticee has vacated the address mentioned in the SCN.
Page 4 of 35 06 00 2 ANGEL CAPITAL AND DEBT MARKET LIMITED F M2291 MADHUBHAI CHATURLAL THAKKER 301 NEHDEEP AVENUE,NR JUGES BUNGLOW ROAD,BODAKDEV AHMEDABAD
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Source: SecMarx — sebi:SPL/AO/SKS/SG/DCR/07/2010. 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.