sebi:VSS/AO-26/2008
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Facts / Headnote
Violation of regulations 4(2)(a) and 4(2)(e) of PFUTP established; monetary penalty of Rs. 50,000 imposed on the Noticee under section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
- Reg. 2
- Reg. 47
Parties
- M/s Acsy Lease and Holdings Pvt. Ltd. (ACSY)
Holding
The Noticee ACSY violated regulations 4(2)(a) and 4(2)(e) of PFUTP by engaging in synchronized trades in the scrip of GBFL through brokers SK and ASBPL, creating artificial volumes in an illiquid scrip to induce general public investment, and is liable for a monetary penalty of Rs. 50,000 under section 15HA of the SEBI Act.
Full text
Page 2 of 15 1. GBFL M/s Goenka Business and Finance Limited 2. ASBPL M/s Ashish Stock Broking Pvt. Ltd. 3. SK M/s Sunil Kedia
Page 3 of 15 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 ACSY.
Page 4 of 15 GBFL to ASBPL .But we do not know to whom ASBPL has sold these shares. c. You have mentioned that Mr.Sitaram Fogla who is a Director of our company is the brother of Mr.Anil kumar Fogla, who is a Director of GSSL.But the fact is that Mr.Sitaram Fogla is not the brother of Mr.Anil Kumar Fogla nor there is any relationship between them. d. Moreover we would further like to mention you that there are only a very few brokers in Kolkata who are active and deal in shares, two of them are SK and ASBPL.
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Source: SecMarx — sebi:VSS/AO-26/2008. 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.