sebi:SRP/DL/AO:139/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee exonerated for manipulation under PFUTP Regulations but held guilty for non-compliance with summonses and penalized Rs. 2,00,000
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Regulations
- Reg. 7
- Reg. 6
- Reg. 4
- Reg. 4(2)
- Reg. 8
- Reg. 8(1)
Parties
- Anushree Tradelink Pvt. Ltd.
Holding
The Noticee was not held guilty of violation of regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations, but was held guilty of violating section 11C(2) of the SEBI Act and regulation 8(1) of the PFUTP Regulations for non-compliance with summonses and penalized Rs. 2,00,000 under section 15A(a) of the SEBI Act.
Full text
Page 2 of 15 documents and also failed to appear before the Investigating Authority on December 04, 2006 and December 13, 2006, as required.
Page 3 of 15 8. The SCN was delivered to the Noticee through Eastern Regional Office of SEBI at Kolkata; however, the Noticee did not respond to the same. Therefore, considering the facts of the case it was decided to conduct an inquiry in the matter and for the purpose an opportunity of hearing was granted to the Noticee on January 07, 2010 vide notice dated December 09,
Page 4 of 15 • It was not aware of the trades of other stock brokers or their clients who traded in the scrip of AICL or the volumes generated by them. It traded independently and only through the stock broker Shyam Lal Sultania and is not aware that the transactions entered into by the stock broker were synchronized or cross deals in nature. In so far the Noticee is concerned it had placed the orders for buy and sale in the scrip and on confirmation from the stock broker regarding the execution of trades it had paid money and received deliveries or made deliveries and received pay outs. • It was not aware of the mode and manner of execution of his orders by the stock broker. It only ensured that orders placed by it were executed at the price instructed by it and that the same was also reflected in the contract notes issued by the stock broker in support of the transactions.
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Source: SecMarx — sebi:SRP/DL/AO:139/2010. 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.