sebi:SRP/DL/AO:257/2012
Facts / Headnote
Noticee held guilty of synchronized trades violating PFUTP Regulations and penalty of Rs 1,50,000 imposed under section 15HA; allegation of reversal of trades not established.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(a)
Parties
- Jitesh Pranlal Sheth
Holding
The Noticee indulged in synchronized trades creating artificial volumes in violation of regulations 3(a), 4(1) and 4(2)(a) of the PFUTP Regulations and is liable to a penalty of Rs 1,50,000 under section 15HA of the SEBI Act, while reversal of trades was not established.
Full text
Page 2 of 16 APPOINTMENT OF ADJUDICATING OFFICER 4. The undersigned has been appointed as Adjudicating Officer under section 15 I of the SEBI Act read with rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) vide
Page 3 of 16 could not open the data provided to him in the CD and also that he could not understand the data contained in the CD, therefore, he may be provided with hard copy of the same.
Page 4 of 16 10. Hearing on December 29, 2011 was attended by Vikas Bengani. He produced authority letter of the Noticee dated December 19, 2011, but could not justify that prior to getting such authority on December 19, 2011, under what capacity or authority he was sending e- mails/ representing the Noticee. Oral submissions made by him during the hearing were recorded. He also filed his written submissions dated December 29, 2011 on behalf of the Noticee.
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Source: SecMarx — sebi:SRP/DL/AO:257/2012. 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.