sebi:VSS/AO-29/2008
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Facts / Headnote
Liability found; penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
- Reg. 2
- Reg. 47
Parties
- M/s Estee Carriers Pvt. Ltd.
Holding
ECPL violated regulations 4(2)(a) and 4(2)(e) of PFUTP by indulging in synchronized trades creating artificial volume and false market in the scrip of GBFL and is liable for monetary penalty under section 15HA of SEBI Act; penalty of Rs.50,000 imposed.
Full text
Page 2 of 14 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 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 violation of regulations 4(2) (a) and 4(2) (e) of PFUTP committed by ECPL.
Page 4 of 14 intention. We never have any intention to create any artificial volume in the scrip, or to create any false market leading to significant price movement in the scrip.
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Source: SecMarx — sebi:VSS/AO-29/2008. 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.