sebi:VSS/AO-156/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee held liable for violation of PFUTP Regulations and penalty of Rs.50,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 4(a)
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
Parties
- Dilip Champalal Jain
Holding
The Noticee violated regulations 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by executing synchronized/reversal trades in AEL creating artificial volume and misleading appearance of trading, and is liable to monetary penalty under section 15HA of the SEBI Act.
Full text
Page 2 of 17 a manner that led to creation of artificial volume and impacted the price of the scrip. The entities found to have been involved in the alleged manipulation and against whom adjudication proceedings were initiated are as under:- Entities traded on BSE Sl. No. Name of Broker Name of Sub-broker Name of Client 1 ASE Capital Rajender J Shah V&S Intermediaries 2 ASE Capital ESS ESS Intermediaries Samir P Shah 3 ASE Capital Rajesh N Jhaveri Falguni Shah 4 Naman Securities --- ESS ESS Intermedieries 5 Mangal Keshav E Stocks INC Dilip Champalal Jain 6 Vijay Bhagwandas --- Own/director’s account 7 Sanchay Fincom --- Tejas Ghelani
Page 3 of 17 APPOINTMENT OF ADJUDICATING OFFICER 4. Mr. Piyoosh Gupta was appointed as Adjudicating Officer vide order dated December 14, 2005 under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of the provisions of SEBI Act and PFUTP Regulations.
Page 4 of 17 captioned “unserved Notice/summons”. The Noticee called the undersigned over phone and orally denied the allegations made against him.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:VSS/AO-156/2009. 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.