sebi:WTM/PS/47/IVD/ID-3/OCT/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show cause notice disposed of without imposing any penalty or direction
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 4(a)
Parties
- Vivenasri Financial Service Ltd.
Holding
The noticee, Vivenasri Financial Service Ltd., is entitled to the benefit of doubt in respect of the alleged violations of Regulation 4(a), (b) and (d) of the PFUTP Regulations, and the show cause notice is disposed of without imposing any penalty or direction.
Full text
Page 2 of 5 4. On completion of the investigation, SEBI inter-alia issued Show Cause Notice dated September 18, 2003 (hereinafter referred to as ‘SCN’) to the noticee under Sections 11(4)(b) and 11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) read with Regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. The SCN alleged that noticee while trading through various brokers had acted in concert with Harsha and created artificial volumes in the scrip. The SCN, therefore alleged that the acts of noticee were in violation of the provisions of Regulations 4(a), (b) and (d) of PFUTP Regulations. Accordingly, it called upon the noticee to show cause as to why directions under Sections 11(4)(b) and 11B of SEBI Act including
Page 3 of 5 would be proceeded ex-parte. I note that the stipulated period mentioned in the publication has expired. In view of this, I am compelled to proceed with the matter ex-parte, on the basis of material available on record, having complied with the principles of natural justice.
Page 4 of 5 brought out in the SCN. From the same, I note that Table 3 of SCN covers a period of October 11, 1999 to May 19, 2000 which is slightly more than the investigation period. Further, it is seen that Table 1 of SCN shows the details submitted by noticee.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/47/IVD/ID-3/OCT/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.