sebi:VSS/AO-141/2009
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Facts / Headnote
Allegations of violation of sections 11C(2), 11C(3), 11C(5) of SEBI Act and regulation 8(1) of PFUTP, and regulations 3, 4(1), 4(2)(a), (b), (e), (g) of PFUTP, held established; penalties imposed under sections 15A(a) and 15HA of SEBI Act.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 11C
- s. 12
Regulations
- Reg. 7
- Reg. 3
- Reg. 6
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 8(1)
Parties
- M/s Anushree Tradelink (P) Ltd.
Holding
The Noticee, M/s Anushree Tradelink (P) Ltd., was held to have violated sections 11C(2), 11C(3) and 11C(5) of the SEBI Act and regulation 8(1) of PFUTP by failing to comply with three summonses issued by the Investigating Authority, and to have violated regulations 3, 4(1), 4(2)(a), (b), (e) and (g) of PFUTP through manipulative trading in the scrip of SNTL. A total penalty of Rs.3,00,000/- was imposed (Rs.1,50,000 under section 15A(a) and Rs.1,50,000 under section 15HA).
Full text
Page 2 of 18 significant price movement in the scrip which lacked presence of any sort of fundamentals. 2. The findings of the investigation led to the allegation that one of the clients of broker, M. Bhiwaniwala & Co., viz., M/s Anushree Tradelink (P) Ltd. (hereinafter referred to as “Noticee”) had not complied with the summonses issued by SEBI under sections 11C (2), 11C (3) and 11C (5) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) and violated regulation 8(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and consequently, liable for monetary penalty under section 15A(a) of the SEBI Act.
Page 3 of 18 Noticee under rule 4(1) of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed on the Noticee under sections 15A(a) and 15 HA of SEBI Act for the alleged violation specified in the said SCN.
Page 4 of 18 8. Before moving forward, it is pertinent to refer to the provisions of sections 11C(2), 11C(3) and 11C(5) of SEBI Act and regulations 3, 4(1), 4(2) (a), (b), (e), (g) and 8(1) of PFUTP, which reads as under:-
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Source: SecMarx — sebi:VSS/AO-141/2009. 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.