sebi:VSS/AO-136/2009
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Facts / Headnote
Charges proved; penalty of Rs.1,50,000 imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
- Reg. 4(2)(o)
Parties
- M Bhiwaniwala & Co
Holding
The Noticee M Bhiwaniwala & Co was held to have violated regulations 3, 4(2)(a), (b), (e), (g), (n) and (o) of PFUTP Regulations, 2003 and clauses A(1) to A(4) and B(4)(a) of the Code of Conduct for Stock Brokers. A total penalty of Rs.1,50,000 (Rs.1,00,000 under section 15HA and Rs.50,000 under section 15HB of SEBI Act) was imposed.
Full text
Page 2 of 17 in such a manner that led to creation of artificial volumes in the scrip and was designed to create a false market leading to significant price movement in the scrip which lacked presence of any sort of fundamentals.
Page 3 of 17 inquiry should not be held against the Noticee and penalty be not imposed on the Noticee under sections 15HA and 15 HB of SEBI Act for the alleged violation specified in the said SCN.
Page 4 of 17 6. In the interest of natural justice and in order to conduct an inquiry as per rule 4 (3) of the Rules, the Noticee was granted an opportunity of personal hearing on October 16, 2008 at SEBI, Eastern Regional Office, Kolkata vide notice dated August 29, 2008. Mr. Mahesh Bhiwaniwala, Authorized Representative appeared on behalf of the Noticee (hereinafter referred to as “AR”). During the hearing the AR reiterated the submissions made vide letter dated June 14, 2008. He also submitted that the Noticee had already been suspended for the previous three years and no further punishment be levied on him.
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Source: SecMarx — sebi:VSS/AO-136/2009. 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.