2019 (8) TMI 1940

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....shi, Judicial Member Mr. Akshit Jain, Advocate i/b R.V. Legal for the Appellant. Mr. Anubhav Ghosh, Advocate with Ms. Rashi Dalmia, Advocate i/b The Law Point for the Respondent. Per : Dr. C.K.G. Nair, Member (Oral) 1. By an order dated June 28, 2018 the Adjudicating Officer ('AO' for short) of Securities and Exchange Board of India ('SEBI' for short) has imposed a penalty of Rs. 3 lak....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....trades and by raising the Last Traded Price (LTP). Following issue of a show cause notice dated February 20, 2017 and after providing an opportunity of personal hearing, filing replies etc. the impugned order has been issued. 3. Shri Akshit Jain, learned counsel for the appellant submits that the appellant incurred loss; one Shri Chetan Dogra was instrumental in making the appellant trade; the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mpugned order liable to be quashed. 4. We also heard Shri Anubhav Ghosh, learned counsel who appeared on behalf of the respondent and perused the documents before us. The impugned order as well the show cause notice quite clearly articulate the position relating to the nature of appellant's trades and how the same has violated the provisions of the PFUTP Regulations. We note from the impugned o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng the market. The contention of the appellant that his reply was not considered is also incorrect, since para 11 of the impugned order and specifically in sub-para 11(g) the gist of the appellant's contention has been captured. In a case of analyzing market manipulation together by a number of entities each individual's role may not be explained in great detail because it is the group behavior as....