sebi:VSS/AO-45/2009
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Facts / Headnote
Penalty imposed on Noticee for violations of PFUTP and Brokers Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
- Reg. 4(2)(o)
Parties
- Ahilya Commercial Private Limited
Holding
The Noticee violated regulations 3, 4(1), 4(2)(a), (b), (e), (g), (n) and (o) of PFUTP and clauses A(1)-(4) and B(4)(a) of the Brokers Code of Conduct by executing synchronized cross deals creating artificial volume and price. A total monetary penalty of Rs.3,00,000 was imposed under sections 15HA and 15HB of the SEBI Act.
Full text
Page 2 of 16 leading to significant price movement in the scrip which lacked presence of any sort of fundamentals. 2. It was alleged that one of the brokers, Ahilya Commercial Private Limited, Member, CSE (hereinafter referred to as “Noticee”/“ACPL”) violated the provisions of regulations 3, 4 (1), 4 (2) (a), (b), (e), (g), (n) and (o) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and clauses A (1), (2), (3) and (4) and B (4) (a) of Code of Conduct for Stock Brokers as specified in Schedule II under Regulation 7 of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as “Brokers Regulations”).
Page 3 of 16 Noticee under rule 4(1) of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed on the Noticee under sections 15HA and 15 HB of SEBI Act for the alleged violation specified in the said SCN.
Page 4 of 16 and there is no question of any unjust enrichment in any form or manner whatsoever. CONSIDERATION OF ISSUES AND FINDINGS
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Source: SecMarx — sebi:VSS/AO-45/2009. 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.