sebi:WTM/TCN/53/ID3/OCT/2008

SEBI · SEBI · 2005-03-04 · T.C. Nair, Whole Time Member

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

VFPL prohibited from accessing the capital market and from buying, selling or dealing in securities directly or indirectly for a period of three years from the date of the order

Provisions invoked

Regulations relied on

Parties

Holding

VFPL was held guilty of violating regulations 3 and 4 of the SEBI (PFUTP) Regulations, 1995 for acting in concert with DASL, BBL and others to offload unlisted DASL shares on BSE and was debarred from the capital market for three years.

Full text

Page 2 of 27 c) On the basis of listing permission given by MPSE, the Central Depositories Services Ltd. (CDSL), a registered depository, dematerialized these DASL shares and credited them to the beneficial owner account of BBL.

Page 3 of 27 Board for deciding the same afresh after giving a hearing to the Petitioners. The annulment order was subsequently reversed by the Governing Board itself as they found that the interest of innocent third parties i.e investors would otherwise be affected.

Page 4 of 27 1.4 DASL, instead of replying to the show cause notice, raised certain objections challenging SEBI’s jurisdiction and further sought inspection of certain documents vide its letters dated July 21, 2005 and August 31, 2005. SEBI, thereupon replied vide letters dated August 22, 2005 and September 19, 2005 that the jurisdictional objections, if any, might be raised before the authority conducting proceeding in relation to SCN dated June 30, 2005 issued to DASL, i.e., Whole Time Member, SEBI.

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Source: SecMarx — sebi:WTM/TCN/53/ID3/OCT/2008. 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.