sebi:VSS/AO-174/2009
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Facts / Headnote
Violation established; monetary penalty of Rs.1,00,000 imposed
Provisions invoked
- s. 13
- s. 18
- s. 23
- s. 23H
- s. 23J
- s. 23I
- s. 2(4)
Parties
- Ramesh Jain
Holding
The Noticee's off-market purchase of 75,000 shares on January 25, 2005 violated sections 2(i) and 13 of the SCRA and was illegal, void and a nullity, attracting penalty under section 23H. A monetary penalty of Rs.1,00,000 was imposed.
Full text
Page 2 of 18 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned was appointed as Adjudicating Officer, vide order dated June 20, 2008 under section 23I of SCRA read with rule 3 of Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 2005 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 23H of the SCRA for the alleged violation of section 2 (i) (a) read with section 13 of SCRA.
Page 3 of 18 24, 2009. Mr. Ramesh Jain appeared and submitted, inter alia, as under: • I submit that I was working for one Mr. Mahendra Shah who was buying and selling shares in the securities market. I had never met Alpa Haren Shah. Mr. Mahendra Shah was instrumental in executing the off-market transaction in the scrip of Alpha Hi-Tech and he got the said 75000 shares in my demat account.
Page 4 of 18 CONSIDERATION OF ISSUES AND FINDINGS 8. The issues that arise for consideration in the present case are : a) Whether the Noticee had violated section 2(i) read with section 13 of SCRA?
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Source: SecMarx — sebi:VSS/AO-174/2009. 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.