sebi:VSS/AO-94/2009
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Facts / Headnote
Violation not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
Parties
- M/s. India Infoline Securities Pvt. Limited, since merged into M/s. India Infoline Limited
Holding
The alleged violation of Brokers Regulations by the Noticee does not stand established and the matter is accordingly disposed of without imposition of monetary penalty under section 15HB of SEBI Act.
Full text
Page 2 of 8 entities had indulged in synchronization of deals/reversal trading/fictitious trading in the shares of GHCL in such a manner that led to creation of artificial volume and impacted the price of the scrip.
Page 3 of 8 inquiry should not be held against the Noticee and penalty be not imposed under section 15HB of SEBI Act for the alleged violation specified in the said SCN.
Page 4 of 8 opportunity of hearing was granted to the Noticee on May 21, 2009 vide notice dated May 07, 2009. Mr. R. Mohan, Authorised Representative, appeared on behalf of the Noticee. Since the reply dated February 17, 2009 was incomplete and found to be unsatisfactory, the Noticee was advised to explain and furnish details with regard to the 18 synchronised transactions where the Noticee was present in both legs of the transactions and discrepancy in the details of number of shares traded by the clients. The AR sought time upto May 25, 2009 to furnish the details. The Noticee also did not submit a copy of PAN, once again, despite specific advice to do so vide para 7 of notice/s dated April 08, 2009 and May 07, 2009. The Noticee vide letter dated May 25, 2009 sought further time upto May 29, 2009 to submit the above. Finally, the Noticee submitted the information vide letter dated May 25, 2009 which was received on May 28, 2009. Yet again, the soft copy of the said reply was received only after repeated follow up.
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Source: SecMarx — sebi:VSS/AO-94/2009. 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.