sebi:VSS/AO-160/2009
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Facts / Headnote
Violation established; penalty of Rs.50,000 imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 4(a)
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
Parties
- Tejas Ghelani
Holding
The Noticee Tejas Ghelani violated regulations 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by executing synchronized/reversal trades in the scrip of AEL. A monetary penalty of Rs.50,000 was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 16 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 16 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 16 the label captioned “unserved Notice/summons”. However, no one appeared for the hearing. 8. I am convinced that ample opportunities have been given to the Noticee to explain his case. As per rule 4(7) of the Rules, if any person fails neglects or refuses to appear as required by sub-rule (3) before the Adjudicating Officer, he may proceed with the inquiry in the absence of such person after recording the reasons therefor. Despite having been given ample opportunities, the Noticee has failed to avail the opportunity of personal hearing. I am, therefore, compelled to proceed with the matter ex-parte based on the material available on record.
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Source: SecMarx — sebi:VSS/AO-160/2009. 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.