sebi:WTM/PS/38/IVD/ID-3/AUG/2010
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Facts / Headnote
Show cause notices disposed of without imposing any penalty or direction
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 4
Parties
- Mr. Arun Kumar Dalmia
- M/s. Basant Marketing Ltd.
- Satya Securities Ltd.
Holding
The noticees were given the benefit of doubt in respect of the alleged violation of Regulation 4(a), (b), (c) and (d) of the PFUTP Regulations, 1995, and the show cause notices were disposed of without imposing any penalty or direction.
Full text
Page 2 of 7 had increased from Rs.17.95 as on December 19, 2002, touched a high of Rs.52.90 (intra day high) as on January 17, 2003, and finally closed at Rs.39.70 as on January 17, 2003. The volume of the scrip had also increased from 450 shares as on December 20, 2002 to a high of 5,76,840 shares as on January 03, 2003. During the investigation period, the scrip was traded on 25 days and out of these on 15 days the total traded quantity of shares was more than 1 lakh shares.
Page 3 of 7 artificial market in the scrip of GIL. The SCN, therefore, alleged that the acts of the noticees were in violation of Regulation 4 (a), (b), (c) and (d) of PFUTP Regulations. Accordingly, it called upon the noticees to show cause as to why suitable directions under Section 11B and 11(4) of SEBI Act read with SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, including restraining them from buying, selling or dealing in securities should not be issued against them.
Page 4 of 7 noticees on August 02, 2010. On the date fixed noticees appeared through Mr. Arun Kumar Dalmia and made submissions.
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Source: SecMarx — sebi:WTM/PS/38/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.