sebi:VSS/AO-99/2009
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Facts / Headnote
Noticee held liable and total penalty of Rs.3,00,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 12
Regulations
- Reg. 7
- Reg. 3
- Reg. 6
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 8
- Reg. 8(1)
Parties
- Deepraj Vinimay Private Limited
Holding
The Noticee violated sections 11C(2), (3) and (5) of SEBI Act read with regulation 8(1) of PFUTP and regulations 3, 4(1), 4(2)(a), (b), (e) and (g) of PFUTP, and was held liable for penalty of Rs.2,00,000 under section 15A(a) and Rs.1,00,000 under section 15HA, totaling Rs.3,00,000.
Full text
Page 2 of 14 2. It was alleged that one of the entities, Deepraj Vinimay Private Limited (hereinafter referred to as “Noticee”) violated the provisions of regulations 3, 4 (1), 4 (2) (a), (b), (e), (g) and 8 (1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and 11C (2), (3) and (5) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 14 6. The Noticee replied to the SCN stating, inter alia, the following: • We bought and sold shares for trade were made properly as per the norms and at the market price. • All trades were made as per market rate displayed. • We purchase or sale of securities in normal course during market hour. • As our business is not going well so our office are normally kept closed most of the time, which is the reason of non compliance.
Page 4 of 14 b) Whether the Noticee had violated regulations 3, 4 (1), 4 (2) (a), (b), (e) and (g) of PFUTP? c) Does the violation, if any, on the part of the Noticee attract monetary penalty under sections 15A (a) and 15 HA of SEBI Act? d) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:VSS/AO-99/2009. 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.