sebi:WTM/SR/IVD/ID-4/54/08/2014
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Facts / Headnote
VBAPL restrained from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, for 10 years (credit given for period already undergone under the June 4, 2009 ad interim ex parte order); Mr. Vineet Kumar restrained for 5 years from the date of the order.
Provisions invoked
- s. 11
- s. 19
- s. 12A
- s. 446
- s. 446(1)
Regulations
- Reg. 11
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 4(2)
- Reg. 200
- Reg. 3(a)
Parties
- Venture Business Advisors Pvt. Ltd. (VBAPL)
- Mr. Vineet Kumar
Holding
The noticees, VBAPL and its director Mr. Vineet Kumar, were found to have violated Regulations 3(a)-(d) and 4(1), 4(2)(a), (d) and (g) of the PFUTP Regulations and Section 12A(a), (b) and (c) of the SEBI Act by creating a false and misleading appearance of trading in the scrip of Temptation through circular and reversal trades aided by VBAPL. VBAPL was prohibited from accessing the securities market for 10 years and Mr. Vineet Kumar for 5 years.
Full text
Page 2 of 13 VBAPL, in the form of off-market transactions as well as synchronized deals in the market. These entities including VBAPL were found to have traded in large concentration in the scrip of Temptation and a substantial portion of their trading amongst themselves in synchronized manner was found to have contributed to the increase in the market volume in the scrip of Temptation.
Page 3 of 13 documents. SEBI, vide letters dated January 6, 2012 and February 23, 2012 replied that all the relevant documents which, SEBI had relied on for the purpose of the SCN had already been forwarded to the noticees along with the SCN. Further, the noticees were also advised to indicate the specific document, which they require along with their reply. However, no reply was received from the noticees. Finally, vide letter dated March 26, 2013, the noticees were advised to indicate before April 15, 2013 whether they would like to avail the opportunity of personal hearing in the matter. I note that the noticees, neither submitted any reply nor availed the opportunity of personal hearing. From the above, it is observed that the noticees have been provided with enough opportunity to submit their reply and to avail the opportunity of personal hearing. In the absence of any proper reply from noticees, I am constrained to proceed with the matter ex parte on the basis of the materials and information available on record.
Page 4 of 13 (a) buy, sell or otherwise deal in securities in a fraudulent manner; (b) use or employ, in connection with issue, purchase or sale of any security listed or proposed to be listed in a recognized stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under;
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Source: SecMarx — sebi:WTM/SR/IVD/ID-4/54/08/2014. 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.