sebi:VSS/AO-182/2009
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Facts / Headnote
Penalty of Rs.50,000 imposed on the Noticee for violation of Regulation 4(2)(a) and (g) of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 200
- Reg. 4(2)(a)
- Reg. 4(2)(g)
Parties
- Vinay Kumar Mehta
Holding
The Noticee, as director of Carissa Investments Pvt. Ltd., violated Regulation 4(2)(a) and (g) of PFUTP Regulations by aiding Jalco Group manipulation in GHCL shares and is liable to monetary penalty under Section 15HA of SEBI Act, quantified at Rs.50,000.
Full text
Page 2 of 18 Ltd (hereinafter referred to as “JFPL”), Pathik Merchandise Pvt. Ltd (hereinafter referred to as “Pathik”) and Wilful Finance And Investment Co Pvt. Ltd (hereinafter referred to as “Wilful”), which belong to the same group viz. Jalco Group (hereinafter referred to as ‘Jalco Group’), had indulged in synchronization of deals/reversal trading/fictitious trading in the shares of GHCL in such a manner that led to creation of artificial volume and impacted the price of the scrip.
Page 3 of 18 Noticee and penalty be not imposed under section 15HA of SEBI Act for the alleged violation specified in the said SCN. The Noticee did not reply to the said SCN.
Page 4 of 18 8. Before moving forward, it will be appropriate to refer to the relevant provisions of PFUTP Regulation, which reads as under:
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Source: SecMarx — sebi:VSS/AO-182/2009. 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.