2019 (12) TMI 189

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....v. 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 Exchange Board of India Act, 1992 ("SEBI Act" ....

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....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 self trades involving 19727 shares in 47 d....

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....antive 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 appellant. 4. The learned counsel Shri Vishal Kanade appearing on beh....

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.... 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 appellant did not do multiple trades on the same day. There are a few days....