sebi:VSS/AO-20/2008
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Facts / Headnote
Penalty imposed on the Noticee for violation of regulations 4(2)(a) and 4(2)(e) of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
- Reg. 2
- Reg. 47
Parties
- M/s Surya kiran Holding & Mkt. Sh.(P) Ltd. (SKHM)
Holding
The Noticee SKHM was held liable for violating regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations by engaging in synchronized trades in the scrip of GSSL, and a monetary penalty of Rs. 50,000 was imposed under section 15HA of the SEBI Act.
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 SKHM.
Page 4 of 14 9. In the interest of natural justice and in order to conduct an inquiry as per rule 4 (3) of the Rules, the Noticee was granted an opportunity of personal hearing on April 21, 2008 at SEBI’s Eastern Regional Office, Kolkata vide notice dated March 18, 2008. Mr. Anand Kumar Tiwari, Partner, S.K. Agarwala & Co., Chartered Accountants, Advocates & Legal consultants, the authorized representative of the Noticee, appeared on behalf of the Noticee (hereinafter referred to as “AR”) on April 22, 2008. During the hearing, the AR reiterated the submissions made vide letter dated February 09, 2008. The AR submitted that SKHM had involved in the buying and selling shares of GSSL. The AR submitted that earlier many brokers operating in CSE, in the recent past the number of brokers has come down and a few brokers traded in some of the scrips which are listed on the CSE. He also submitted that SKHM had no idea about the entities who had dealt in the same scrip and no intention to indulge in any malpractice. When queried that identify the name of a Director who has signed the authority letter as well as reply to the SCN dated February 09, 2008, the AR submitted that they dealt with Mr.Santosh in the company. He did not know the name of the person who had signed the letter.
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Source: SecMarx — sebi:VSS/AO-20/2008. 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.