sebi:VSS/AO-19/2008
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
- Reg. 47
- Reg. 2(1)
Parties
- M/s Super Bright Textiles & Finance Ltd.
Holding
SBTFL violated regulations 4(2)(a) and 4(2)(e) of PFUTP by indulging in synchronized trades creating artificial volumes in the illiquid scrip of GSSL and is liable for monetary penalty under section 15HA of SEBI Act, with a penalty of Rs.50,000 imposed.
Full text
Page 2 of 14 1. GSSL M/s Globe Stocks and Securities Limited 2. ASBPL M/s Ashish Stock Broking Pvt. Ltd. 3. SK M/s Sunil Kedia
Page 3 of 14 APPOINTMENT OF ADJUDICATING OFFICER 5. Mr. Piyoosh Gupta was appointed as Adjudicating Officer vide order dated January 17, 2007 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 regulations 4(2) (a) and 4(2) (e) of PFUTP committed by SBTFL.
Page 4 of 14 c. We would like to mention that we do not have any nexus either with GSSL or with the aforesaid broker or with any other clients. We have simply dealt with the shares of GSSL through brokers in the open market with a clean mind only for making some financial gain having regard to the good financial prospect of that company without any other unfair intention.
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Source: SecMarx — sebi:VSS/AO-19/2008. 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.