sebi:WTM/RKA/IVD/NRO/24/2013
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Facts / Headnote
Charges dropped; Show Cause Notice disposed of
Provisions invoked
- s. 11B
Regulations
- Reg. 11
- Reg. 4(a)
Parties
- Shubh
Holding
The charges of market manipulation against Shubh under regulation 4(a) of the PFUTP Regulations were dropped and the Show Cause Notice was disposed of, giving the noticee the benefit of doubt.
Full text
Page 2 of 3 was from doubtful / unknown sources. Shri Parveen Bansal is professionally connected to Shri Deepak Kumar Gupta, a partner in M/s R. K. Deepak & Co., auditor of the Shubh. (g) In view of the above alleged connection it was alleged that Shubh had indulged in manipulation of the market with the intention of artificially raising price of its shares and inducing the common investor to sell or purchase its shares.
Page 3 of 3 circumstances, I am of the view that enough opportunities of personal hearing have been provided to the noticee and it does not want to avail the opportunity of personal hearing. Therefore, I proceed in the matter on the basis of written replies of the noticee and relevant material available on record.
3. Based on the above observations of the investigation, a Show Cause Notice (SCN) dated February 20, 2001 was issued to the Shubh ('the noticee') alleging that it violated the provisions of regulation 4(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 (PFUTP Regulations) calling it to show cause as to why suitable directions including directions prohibiting it from accessing the capital market and dealing in securities for a suitable period under section 11B of the SEBI Act read with regulation 11 of PFUTP Regulations should not be issued against it.
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Source: SecMarx — sebi:WTM/RKA/IVD/NRO/24/2013. 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.