sebi:SRP/RK/AO-38/2010
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Facts / Headnote
Violations not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 12A
- s. 15H
Regulations
- Reg. 3
Holding
The alleged violations of Section 12A of the SEBI Act and the PFUTP Regulations were not established against the Noticee and the matter was accordingly disposed of with the benefit of doubt to the Noticee.
Full text
Page 2 of 9 cornering of shares in the IPO of Suzlon Energy Ltd. (Suzlon) during the aforesaid period. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 9 Vide aforesaid letter the Noticee was also advised to furnish at the time of hearing, certain information/documents relevant to the proceedings.
Page 4 of 9 10. Thereafter, vide letter dated August 25, 2009 the Noticee furnished some information regarding number of shares sold and details of sale consideration returned to the allottees by cheque, etc. He also submitted that: • Merely because the investors transferred the shares to his demat account, it cannot be inferred that the transferee accounts were benami or fictitious in nature. • There was no parking of shares in his demat account for further transfer to any financer or other person.
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Source: SecMarx — sebi:SRP/RK/AO-38/2010. 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.