Appeal No. 25 of 2014. Case: Ford Brother Capital Service Ltd. Vs Securities and Exchange Board of India. Securities and Exchange Board of India
| Case Number | Appeal No. 25 of 2014 |
| Counsel | For Appellant: Mr. Gaurav Joshi, Senior Advocate, Ms. Neeta, Mr. Amit Dey and Ms.Akshaya Bhansali, Advocates and For Respondents: Mr. Shiraz Rustomjee, Senior Advocate and Mr. Pratham V. Masurekar, Advocate |
| Judges | J.P. Devadhar, J. (Presiding Officer), Jog Singh, Member and A.S. Lamba, Member |
| Issue | Securities and Exchange Board of India Act, 1992 - Sections11C, 11C (2), 11C (3), 11C (5), 15A (a), 15A (b), 15HA, 15HB |
| Judgement Date | Wednesday April 23, 2014 |
| Court | Securities and Exchange Board of India |
Order:
J.P. Devadhar, J. (Presiding Officer)
Whether the Adjudication Officer ("A.O." for short) of Securities and Exchange Board of India ("S.E.B.I." for short), by impugned order dated May 14, 2013 is justified in imposing penalty of ` 15 lac upon appellant under Section 15A(a), penalty of ` 10 lac under Section 15HA and penalty of ` 5 lac under Section 15A(b)of the Securities and Exchange Board of India Act, 1992 ("S.E.B.I. Act" for short) is the question raised in this appeal. Dispute in the present case relates to trading in the scrip of Nandan Exim Limited on the Bombay Stock Exchange ("B.S.E." for short) during the period from June 13, 2005 to September 30, 2005 and September 20, 2006 to November 23, 2006 ("Investigation Period" for short).
Penalty of ` 10 lac under Section 15HA of S.E.B.I. Act has been imposed on ground that the appellant has violated Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 ("P.F.U.T.P. Regulations" for short) and Securities and Exchange Board of India (Stock Broker and Sub-Brokers) Regulations, 1992 ("Stock Brokers Regulations" for short) by acting in concert with Mr. Shailesh M. Ved and giving him financial accommodation to execute manipulated trades by creating huge volume and creating artificial buying pressure in the market by putting huge buy orders at a price lesser than the last traded price/market price. It is not...
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