sebi:WTM/PS/37/IVD/ID-3/AUG/2010
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Facts / Headnote
Noticee held guilty of violating Regulations 3 and 6(a) of PFUTP Regulations; debarred from buying, selling or dealing in securities for a period of two years
Regulations
- Reg. 11
- Reg. 3
Parties
- Mr. Siddharth Srivastava
Holding
The noticee was held guilty of circulating fake shares in the market in violation of Regulations 3 and 6(a) of the PFUTP Regulations, and was prohibited from buying, selling or dealing in securities for a period of two years.
Full text
Page 2 of 7 2. The said SEBI order was impugned before the Hon’ble SAT in Appeal No. 36 of 2010. The Hon’ble SAT, while disposing of the said appeal observed as under:
Page 3 of 7 appearing for noticee on this date was not carrying any proper authorization. However, in the interest of justice another opportunity of personal hearing was granted to the noticee on August 02, 2010. In the meantime, SEBI vide letter dated July 26, 2010, forwarded some relevant documents with the proceedings in the present case to the noticee. On the date fixed for hearing i.e. August 02, 2010, again Mr. S.M. Kamtam, Advocate appeared for the noticee without any proper authorization and filed an application for an adjournment for four weeks citing the reason of filing appeal before Hon’ble Supreme Court of India. Considering the circumstances in the case and meeting with the interest of justice, one last opportunity of personal hearing was granted to the noticee on August 10, 2010. On this date, Mr. Vinay Chauhan, Advocate and Mr. Hari Kohli appeared for the personal hearing and addressed oral arguments limited to the quantum of penalty.
Page 4 of 7 7. I have carefully considered the SCN, reply of noticee and material available on record. The contentions of the noticee in brief are:
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Source: SecMarx — sebi:WTM/PS/37/IVD/ID-3/AUG/2010. 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.