2021 (3) TMI 757

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....enalty of Rs. 5 lakhs for violation of Regulation 3(a), (d), 4(2)(a) and (e) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as 'PFUTP Regulations'). 2. The appellant no. 1 Ms. Jyoti is the wife of appellant no. 3 Satyendra while appellant no. 2 is the younger brother of appellant no. 3. The record would show that respondent SEBI had conducted investigation in the scrip of Mapro Industries Ltd. (hereinafter referred to as Mapro/Company) for a period between November 20, 2013 to June 30, 2014. It was found in the investigation that during the investigation period the prices of the shares of Mapro had moved fr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ants however submitted that they had purchased shares of Mapro on the advice of a friend on good faith which were later on sold only to earn small profit as a small investor. The adjudicating officer observed that there was no change in the fundamentals of the company over the period yet the prices moved upwards. There was a pattern of trading and the price of the shares went up in pre-planned manner by engaging in small trades sometimes of one share each but no explanation of the same was offered. In the circumstances, the impugned order came to be passed. 5. Heard Shri Yakshay Chheda, the learned counsel for the appellant and Shri Vishal Kanade, the learned counsel for the respondent through video conference. Learned counsel for the appe....