2013 (11) TMI 852

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....UDGMENT:- PER : Jog Singh This appeal is directed against the common impugned order dated October 25, 2012 passed by the Adjudicating Officer imposing a monetary penalty of Rs. 4 lac on the Appellant No. 1, Rs. 1,50,000/- on the Appellant No. 4 and Rs. 1 lac each on Appellants No. 2,3 and 5, totalling Rs. 8,50,000/-for violating Regulations 4(2)(a),(b) and (g) of the SEBI (Prohibition of Fraudul....

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....rip opened at Rs. 50/- and closed at Rs. 33.01 with a volume of 1303 shares. The Appellants were connected entities and had executed synchronized reversal trades, cross trades executed by Crystal, through its broker "PEML" on behalf of the Appellants. Thus, some of the Appellants incurred loss whereas the other Appellants earned profit. These transactions appear to be in the nature of profit and l....

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.... perused the appeal and documents annexed therewith. Mr. J.J. Bhatt, learned counsel for the Appellants submits that the Appellants are individual intra-day traders who trade through Crystal Finstock Pvt. Ltd. (sub-broker) and they carried out very few trades in their own names in "PEML" scrip to the dates in question i.e. 11, 12 and 13 February, 2009 and thereafter. Similarly, the learned counsel....