2013 (11) TMI 697

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.... PER : Jog Singh This appeal has been filed by the appellant challenging the impugned order dated September 17, 2012 passed by the Adjudicating Officer, Securities and Exchange Board of India ("SEBI") imposing a penalty of Rs. 2 lac on the Appellant for violating the provisions of Regulations 3(a),(b),(c),(d), 4(1) and 4(2), (a) & (e) of the SEBI (Prohibition of Fraudulent and Unfair Trade P....

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....ters to offload their shareholding. Thus, it is established that the Appellant had executed fraudulent trades in the scrip of "TSWL" which created false and misleading appearance of trading and artificial price rise in the scrip. 3. A show cause notice was accordingly issued on January 31, 2012 under Rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Office....

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....ades of total 5400 shares) at the prevailing market price without doing any unfair trade practice. Following main prayers have been made in the appeal by the Appellant:-      (a) pass an order setting and reversing the impugned order;      (b) alternatively to reduce the penalty imposed on the Appellant. 5. At the outset, we note that the Adjudicati....