sebi:WTM/PS/58/IVD/ID-05/MARCH/10
Facts / Headnote
Warning issued to be cautious and exercise due care; no debarment or monetary penalty imposed in this matter
Provisions invoked
- s. 11(4)
- s. 19
Regulations relied on
- SEBI (PFUTP) Regulations, 1995 — 4(b)
- SEBI (PFUTP) Regulations, 2003 — 13(2)
Parties
- Mrs. Ashadevi Beriwala
Holding
The noticee violated Regulation 4(b) of the SEBI (Prohibition of Fraudulent & Unfair Trade Practices relating to Securities Market) Regulations, 1995 read with Regulation 13(2) of the 2003 Regulations by creating false/misleading appearance of trading in Surya Roshni. She was warned to be cautious in future dealings with no fresh debarment imposed.
Full text
Page 2 of 7 ‘FUTP Regulations’) and SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 (hereinafter referred to as the ‘Broker Regulations’).
Page 3 of 7 consideration, I thought it fit to issue a fresh notice for hearing. Therefore, an opportunity of personal hearing was granted before me on January 20, 2010 where Mr. Mukund Beriwala appeared on behalf of the noticee and stated that the reply of the noticee had already been brought on record vide her reply dated June 9, 2003 to the SCN. Mr. Mukund Beriwala in the oral submissions before me further submitted that the noticee accepted the fact that she had entered into the transactions as alleged in the SCN. He also stated that the noticee had similar dealings in a number of other scrips and several orders had been passed penalising her for similar violations debarring the noticee for a period ranging from 1 to 6 months. The noticee has since understood the ramifications of her trades and she has stopped entering into such transactions. Further, he stated that representations had previously been made by the noticee to SEBI for clubbing of all the cases pending against her so as to avoid penalising her over and over again and requested that a lenient view on her dealings be taken in the instant matter.
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Source: SecMarx — sebi:WTM/PS/58/IVD/ID-05/MARCH/10. 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.