sebi:VSS/AO-159/2009
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 guilty of violation of PFUTP; penalty of Rs.1,00,000 imposed under section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
Parties
- Sundeep R Chhabra HUF
Holding
The Noticee violated regulations 4(1), 4(2)(a), (b), (e) and (g) of PFUTP by manipulative trading in partly paid-up shares of RSL and is liable to monetary penalty under section 15HA of SEBI Act.
Full text
Page 2 of 17 c. The equity share capital was comprised of 29,55,80,111 equity shares including 4,15,24,000 equity shares (face value Rs.10/- each) of partly paid up to the extent of Re.1/- per share. The partly paid up shares were allotted to Reliance Hydrocarbons and Investments Private Limited (now known as Silvassa Hydrocarbons and Investments Private Limited). d. The partly paid up shares were permitted for trading at the Bombay Stock Exchange (hereinafter referred to as “BSE”) with effect from March 19, 2003.
Page 3 of 17 Short Name Full Name TRP Trambaklal Ratilal Parekh & Son Securities Ltd. KS Khambatta Securities Limited HH Harikishan Hiralal (currently known as Shreehari Hira Stock Broking Pvt. Ltd.) PI Pioneer Intermediaries Pvt. Ltd. JSELS JSEL Securities SC Sundeep R Chhabra RI Raushee Investments RSG R S Gupta & Co MJ Manorama Jagad SP Swati Purana MP Milan Purana BT Bhanumati Thakkar BRJ Bipinkumar R Jain PB Pramod Bissa SKJ Sanjay Kr. Jaganary
Page 4 of 17 of RSL and allegedly violated the provisions of regulations 4 (1), 4 (2) (a), (b), (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and therefore, liable for monetary penalty under section 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
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Source: SecMarx — sebi:VSS/AO-159/2009. 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.