2019 (12) TMI 189

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....Kanade, Adv. and Chirag Bhavsar, Adv. for the Respondent. ORDER Dr. C.K.G. Nair, This appeal has been filed challenging the order of the Adjudicating Officer ("AO" for short) of the Securities and Exchange Board of India ("SEBI" for short) dated November 27, 2015. By the said order a penalty of Rs. 16 lakhs has been imposed on the appellant under Section 15 HA of the Securities and Exchan....

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....f 2 shares to 2000 shares on the buy side and 1 to 2016 shares on the sell side during these days. It is also stated in the impugned order that these quantities though appear small, are substantive percentage of the overall volumes in the scrip given its relative illiquid nature as given in the show cause notice. In conclusion, it is noted in the impugned order that the appellant had executed 187 ....

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....nd selling small quantities were on different days or after substantive time on the same day in the open market. The appellant also states that he incurred losses also on several occasions. Further, the appellant strongly pitched for appropriate amount of compensation for issuing a highly arbitrarily order devoid of any merit by SEBI and thereby causing both financial and mental agony to the appel....

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.... of the days the appellant has bought and sold the shares and on some of those days the quantities bought and sold also matched. However, there were also several days on which there was only either a buy trade or a sell trade. 6. Generally, only when trades placed by the same party are matched within a short period of time it can be categorized as self trades. Here, it is on record that the app....