sebi:VSS/AO-25/2008
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Facts / Headnote
Penalty imposed on Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
- Reg. 2
- Reg. 47
Parties
- M/s Ideal Motor and Finance Pvt. Ltd. (IMFPL)
Holding
The Noticee IMFPL was held to have violated regulations 4(2)(a) and 4(2)(e) of PFUTP Regulations by engaging in synchronized trades that created artificial volumes in the scrip of GBFL, and a monetary penalty of Rs.50,000 was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 14 3. The entities found to have been involved in the alleged manipulation and against whom action has been initiated are as under :
Page 3 of 14 APPOINTMENT OF ADJUDICATING OFFICER 5. Mr. Piyoosh Gupta was appointed as Adjudicating Officer vide order dated December 12, 2006 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 IMFPL.
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 22, 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”). During the hearing, the AR reiterated the
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Source: SecMarx — sebi:VSS/AO-25/2008. 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.