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bombay stock exchange

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The Appellate Jurisdiction of this Court guaranteed under Section 15Z of the Securities and Exchange Board of India Act, 1992 (for short ‘SEBI Act’) has been invoked challenging a joint order dated 5.10.2012 passed in Appeal Nos. 28 and 29 of 2012 passed by Securities Appellate Tribunal, Mumbai (for short ‘Tribunal’) upholding the order passed by SEBI dated April 18, 2011 restraining the appellant for a period of two years from buying, selling or dealing in securities and the order passed by the adjudication officer dated July 28, 2011 imposing a monetary penalty of 50 lacs under Section 15HA of SEBI Act.- SEBI, the market regulator, has to deal sternly with companies and their Directors indulging in manipulative and deceptive devices, insider trading etc. or else they will be failing in their duty to promote orderly and healthy growth of the Securities market. Economic offence, people of this country should know, is a serious crime which, if not properly dealt with, as it should be, will affect not only country’s economic growth, but also slow the inflow of foreign investment by genuine investors and also casts a slur on India’s securities market. Message should go that our country will not tolerate “market abuse” and that we are governed by the “Rule of Law”. Fraud, deceit, artificiality, SEBI should ensure, have no place in the securities market of this country and ‘market security’ is our motto. People with power and money and in management of the companies, unfortunately often command more respect in our society than the subscribers and investors in their companies. Companies are thriving with investors’ contributions but they are a divided lot. SEBI has therefore, a duty to protect investors, individual and collective, against opportunistic behavior of Directors and Insiders of the listed companies so as to safeguard market’s integrity. Print and Electronic Media have also a solemn duty not to mislead the public, who are present and prospective investors, in their forecast on the securities market. Of course, genuine and honest opinion on market position of a company has to be welcomed. But a media projection on company’s position in the security market with a view to derive a benefit from a position in the securities would amount to market abuse, creating artificiality. SEBI has the duty and obligation to protect ordinary genuine investors and the SEBI is empowered to do so under the SEBI Act so as to make security market a secure and safe place to carry on the business in securities.

Page 1     1 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL Nos.4112-4113 of 2013 (D.No.201 of 2013) N. Narayanan .. Appellant Versus Adjudicating Officer, SEBI .. Respondent J U D G M E N T K. S. Radhakrishnan, J 1. India’s capital market in the recent times has witnessed tremendous … Continue reading

BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA- I find that the acts of manipulative trading by Hi–Fi and Sangita helped in creating artificial demand and thereby leading to a false appearance of trading in the scrip of the Company as also as causing fluctuations in the price of the scrip of the company as these kind of activities seriously affect the normal price discovery mechanism of in the securities market. In light of the facts of the case and material available on record I am convinced that Hi–Fi and Sangita have violated the provisions of Regulation 4(1), 4(2) (a) (b) & (g) of PFUTP Regulations. – ORDER – 39. Considering the facts and circumstances of the case, in terms of the provisions of Section 15HA of SEBI Act, 1992 and Rule 5(1) of the Adjudication Rules, I hereby impose a penalty of ` 1,00,000/- (Rupees One Lakh only) on Hi-Fi Tradecom Private Limited and ` 1,00,000/- (Rupees One Lakh only) on Sangita Securities Private Limited. 40. The penalty shall be paid by way of demand draft drawn in favour of “SEBI – Penalties Remittable to Government of India” payable at Mumbai within 45 days of receipt of this Order. The said demand draft shall be forwarded to the Division Chief, Investigation Department, Securities and Exchange Board of India, Plot No. C4-A, ‘G’ Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051. Adjudication Order in respect of Hi-Fi Tradecom Pvt. Ltd. and Sangita Securities Pvt. Ltd. In the matter of GHCL Ltd.

Adjudication Order in respect of Hi-FiTradecom Pvt. Ltd. and Sangita Securities Pvt. Ltd. In the matter of GHCL Ltd. Page 1 of 14 April 02, 2012 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO. JS/AO–01/2012] __________________________________________________________________________________ UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH … Continue reading

BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA Vikas Narnavar aided and abetted the company and its promoter in manipulating the market and defrauding innocent investors. 10. Thus, Vikas Narnavar was alleged to have violated regulations 4(1), 4(2) (a) of SEBI (PFUTP) Regulations 2003. Adjudication Order in respect of Vikas Gourihar Narnavar in the matter of E.Star Infotech Ltd.

Adjudication Order in respect of Vikas Gourihar Narnavar in the matter of E.Star Infotech Ltd. March 30, 2012 Order No. MC/AO- 06/2012 Page 1 of 8 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO. MC/AO- 06/2012] UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH … Continue reading

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