Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... therefore, pursuant to the powers conferred upon me under section 19 of securities and exchange board of india act 1992, read with regulation 10 of sebi (portfolio manager) regulations, 1993, i hereby reject the application for submitted by creditcapital asset management company limited, for registration as a portfolio manager ..... creditcapital asset management company limited, a company having its registered office at mumbai (hereinafter referred to as 'the applicant company') submitted an application dated march 04, 2004, to securities and exchange board of india (hereinafter referred to as 'sebi'), for registration under sebi (portfolio managers) regulations, 1993 (hereinafter referred to as 'the said regulations'), for the purpose of carrying on the activities of a portfolio manager ..... in view of the multiple legal proceedings pending against the company, i am of the view that granting a fresh registration to the applicant company, to act in a new capacity in the securities market, is not desirable, at this point of time. ..... considering the application, it was noted that the following actions had been initiated/concluded pending against the applicant and/or its associates : (i) four enquiry proceedings had been initiated against h b securities ltd. ..... a member of national stock exchange of india ltd. ..... a member of national stock exchange of india ltd. ..... as per the audited accounts for the year ended march 31, 2003, the networth of the applicant company in terms of the said regulations is rs .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... november 01, 2012 imposing a penalty of rs.2,00,000/- by the learned adjudicating officer of the respondent board under section 15-i(2) of the securities and exchange board of india act, 1992 (the act) read with rule 5 of the securities and exchange board of india (procedure for holding inquiry and imposing penalties by adjudicating officer) rules, 2005. ..... rs.1,00,000/ has been imposed under section 15hb of the securities and exchange board of india act, 1992 and another sum of rs.1,00,000/- has also been imposed under section 23a(a) of the securities contracts (regulation) act, 1956 (for short scra). 3 ..... , gave benefit of doubt in the matter of violation of section 12a(a), (b) and (c) of the act read with regulation 3(a), (b), (c) and (d), 4(1) and 4(2)(e) of the securities and exchange board of india (prohibition of fraudulent and unfair trade practices relating to securities market) regulation, 2003 in respect of appellant no.3 shri devang rameshchandra gandhi and m/s. ..... the company had not framed the model code of conduct for prevention of insider trading prior to november 25, 2010 as prescribed under section 12(1) of the securities and exchange board of india (prohibition of insider trading) regulations, 1992 (referred to hereinafter as pit regulations). ..... that the company approved the unaudited accounts for the quarter ending june 2010 in the meeting held on july 06, 2010 but submitted the said approved quarterly reports to bombay stock exchange limited vide letter dated july 07, .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... . the adjudicating officer appointed for the purpose conducted the inquiry and based on the said inquiry he concluded as under: "in this case, chairman's order is in respect of violations by escorts mutual fund under sections 15a(a) and (b) and section 15d(b) of securities and exchange board of india (sebi) act, 1992 ..... management company explanation: for the purpose of this sub-regulation and regulation 66 "auditor" means a person who is qualified to audit the accounts of a company under section 224 of the companies act, 1956 ( 1 of 1956) (3) the auditor shall forward his report to the trustees and such report shall form part of the annual report of the mutual fund (i) he has obtained all information and explanation which, to the best of his knowledge and belief, were necessary for the purpose of the ..... audit; (ii) the balance sheet and the revenue account give a fair and true view of the scheme, state of affairs and surplus or deficit in the fund for the accounting period to which the balance sheet, or as the case may be the revenue account relates; (iii) the statement of account has been prepared in accordance with accounting policies and standards as specified in .....
Tag this Judgment!Court : Supreme Court of India
..... the appellate jurisdiction of this court guaranteed under section 15z of the securities and exchange board of india act, 1992 (for short sebi act ) has been invoked challenging a joint order dated 5.10.2012 passed in ..... department of sebi noticed that the company had committed serious irregularities in its books of accounts and showed inflated profits and revenues in the financial statements and lured the general public to invest in the shares of the company based on such false financial statements thereby violated the provisions of securities and exchange board of india (prohibition of fraudulent and unfair trade practice relating to securities market) regulations, 2003 (for short regulations 2003 ). ..... , it was pointed out, had verified books of accounts of the company for the financial year 2007-2008 to ascertain whether proper books of accounts and supporting documents were maintained by the company in respect of the theatre income, theatre receivables and theatre security deposits and whether the financial disclosures made by the company to the stock exchanges as per listing agreement reflected true and fair view of the state of affairs of the ..... be made to the penalty provisions which is contained in chapter vi a of the sebi act of which we are mainly concerned with section 15ha which deals with penalty for fraudulent and unfair trade practices and section 15j which deals with the factors to be taken into account by the adjudicating officer while adjudging the quantum of penalty. .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2008)84SCL192SAT
..... whether the appellants are guilty of 'insider trading' is the short question that arises for our consideration in this appeal filed under section 15t of the securities and exchange board of india act, 1992 (hereinafter called the act) against the order dated november 30, 2006 passed by the adjudicating officer holding them guilty and imposing a penalty of rs. ..... in view of the aforesaid trades executed by gandhi and the other two appellants, the board was prima facie of the view that the trades had been executed on the basis of unpublished price sensitive information and, therefore, the appellants had violated regulations 3 and 4 of the securities and exchange board of india (insider trading) regulations, 1992 (hereinafter called the regulations) read with section 15g of the act. ..... as per the regulations framed by the securities and exchange board of india (for short the board) and in terms of the listing agreement executed between the company and the bse where its securities are listed, the company is required to furnish its unaudited financial results on a quarterly basis in the prescribed proforma within one month from the end of the quarter to the stock exchange(s) and it is also required to make an announcement to the stock exchanges where the company is listed immediately within 15 minutes of the closure of the ..... gandhi as the chief financial officer of the company is primarily responsible for the preparation of the accounts of the company including its balance sheets. .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... the present appeal is filed against an order passed by the whole time member of the securities and exchange board of india (for short the board) acting under section 11 read with section 19 of the securities and exchange board of india act, 1992 (referred to hereinafter as the act) by which the appellant was restrained from accessing the securities market prohibiting him from buying, selling or otherwise dealing in securities directly or indirectly for a period of 2 years. ..... the impugned direction under section 11 of the act was issued since the appellant was found to have violated regulations 3 and 4 of the securities and exchange board of india (prohibition of fraudulent and unfair trade practices relating to securities market) regulations, 2003 (futp regulations). 3. ..... the loan was granted on the basis of an agreement between the parties and the shares were transferred to his demat account so as to ensure the appellants hold over the shares and to ensure security for the loan in the event of future default. ..... transferred the said 4,00,000 shares of the company to the demat account of the appellant on march 28, 2009 and the appellant gave the loan amount to m.k. ..... the appellant kept the shares of the company intact in his demat account without any transaction whatsoever in the said shares. ..... on account of the unusual market movement of a large chunk of the shares of the company the board passed an ex-parte order on july 28, 2009. .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]95CompCas663(Guj)
..... that that the investigation has been completed, necessary action is being taken against the persons involved in the price manipulation under sections 11b and 24 of the securities and exchange board of india act, 1992, for violation of the regulations of 1995, and the trading in ril was allowed to continue from january 29, 1996. ..... , before the amount could be paid to the offerers, the stock exchange issued notice on february 15, 1996, stating that as per the directives received from the securities and exchange board of india the payments due to the members on account of acceptance of their mil shares offered in pursuance of auction notice ..... difference between the transaction price and the highest price would be collected from the selling brokers, the same should be held by the stock exchanges in the separate account and should not be passed on to the buyers till the securities and exchange board of india investigation is completed and suitable instructions are given to the exchanges in this regard.' 61 ..... page 160 of air 1971 mad) : 'the person primarily affected by the respondent issuing the notices from time to time to the petitioners and calling upon them to produce the accounts of their business carried on in the state of tamil nadu, and again by proposing to assess them to the best of his judgment on the assumption of certain jurisdictional facts, is the addressee of such notice and such affection relates to the bundle of facts in the totality of the lis or proceeding concerned .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]71SCL469(Guj)
..... decisions of sebi which was directed to be implemented immediately and such implementation was required to be communicated to sebi, which has necessitated the petitioners to pray for a relief of direction to the nse and bse to implement the model byelaws as per the directions of sebi.according to the petitioners, the circular dated 28-10-2003 is a circular in exercise of powers conferred upon sebi under section 11(1) of the securities and exchange board of india act, 1992 read with section 10 of the act, 1956 and the same has, till date, never been withdrawn ..... it is submitted that the issuance of contract note by the subsidiary of a regional stock exchange to and in the name of the clients of the sub brokers does not amount to 'dealing in securities on its own account'. ..... the proposed amendment is not inconsistent with the policy as reflected from the circular dated 26th november, 1999, wherein it is indicated that subsidiary shall not undertake any dealing in securities on its own account.12. ..... it is submitted that prohibition upon the subsidiary/ company from 'dealing in securities on its own account' only refers to proprietary business i.e. .....
Tag this Judgment!Court : Mumbai
Reported in : (2004)2CompLJ347(Bom); [2004]50SCL641(Bom)
..... the present appeal is under section 15z of the securities and exchange board of india act, 1992, (for short 'sebi act') against the reversal common order dated 30-11-2002 under section 15t read with section 29 of the sebi act, passed by the securities appellate tribunal, in appeal nos. ..... the section 15a contemplates that any person, who is required under this act or rules or any regulations made thereunder to furnish any documents return or report to the board or file any return or furnish any information, books or other documents within the specified time and/or maintain books of account or records, failing which, such person is liable to pay the penalty as provided under the said section. ..... the adjudicating officer heard both the parties on 20th april, 2000 and after taking into account all the facts, documents and defence, available on record, by two separate orders dated 24-7-2000, had imposed minimum penalty, in each case, of rs. ..... the plain & ordinary meaning of the words 'report' and 'information' cannot be overlooked and are reproduced below:'the dictionary meaning of word 'report' as per webster illustrated contemporary dictionary/encyclopedia edition 1978 report-to make or give an account of, relate as information obtained by investigation. 2. ..... section 15a(c) is meant to cover cases where there is total failure to maintain books of account or records etc. .....
Tag this Judgment!Court : Supreme Court of India
..... . exercising its powers under section 19 read with section 11b and 11d of the securities and 56 exchange board of india act, 1992, (for short 'sebi act, 1992') the whole time member of the board had passed an ex parte order directing the respondent and other entities to cease and desist from indulging in the violations till further orders as they were found indulging in non-genuine transactions.4 ..... . section 15ha of the act which deals with penalty for fraudulent and unfair trade practices, section 15hb which deals with penalty for contravention where no separate penalty has been provided and section 15j which lays down the factors to be taken into account while adjudging the quantum of penalty read as follows:60 ..... . according to sat, only if there is market impact on account of sham transactions, could there be violation of the pfutp regulations ..... . this accounts for a significant percentage of trades on the concerned days and the traded value was rs.95.75 lakhs for those two reversal trades ..... . the fact that the broker himself has initiated the sale of a particular quantity of the scrip on any particular day and at the end of the day approximately equal number of the same scrip has come back to him; that trading has gone on without settlement of accounts i.e ..... . 15j.factors to be taken into account by the adjudicating officer ..... . takes into account the fact, that in many cases, the reversals took place in a matter of seconds/minutes without change in the value of the underlying .....
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