Submissions of Counsel ................................................................................... 10
C. Analysis .......................................................................................................... 16
C.1 Regulatory Framework of PFUTP Regulations .......................................... 16
C.2 Duty to Disclose Investigative Material ... principal issue is whether an investigation report under Regulation 9 of the
PFUTP Regulations must be disclosed to the person to whom a notice
Practices Relating to Securities
Market) Regulations, 2003 (hereinafter referred to as “the
PFUTP Regulations”). In the case of brokers, the charge is that
they also ... Rules made thereunder to carry out the purposes of this Act.”
The PFUTP Regulations were notified on 17.07.2003.
6
12. Regulation
known whether the Company had amended its
4
hereinafter referred to as ‘PFUTP Regulations’.
Page 2 of 24
Memorandum and Articles for undertaking the activity ... explanation for the same. This is violative of Regulation 3 of the
PFUTP Regulations.
3.2 Between April 2005 to September 2005, the Company and other
Practices relating to Securities Market) Regulations, 2003
(hereinafter referred to as, "PFUTP Regulations). Subsequently, a
supplementary show cause notice dated February ... Fraudulent and Unfair Trade Practices Relating to
Securities Markets) Regulations, 2003 ('PFUTP
Regulations, 2003' for short).
(v) for selectively obtaining direct confirmations
Fraudulent and Unfair Trade Practices relating to Securities
Market) Regulations, 2003 ('PFUTP Regulations' for short).
4. The specific allegation in the impugned order ... PFUTP Regulations, 2003. Hence, 3 years restraint
from the securities market and direction to disgorge the amount of unlawful
gains made imputing the acquisition cost
Fraudulent and Unfair Trade Practice
relating to Securities Market) Regulations, 2003 ("PFUTP Regulations"
for short) and SEBI (Issue of Capital and Disclosure requirements ... order
it is held that the appellants are guilty of violating the
PFUTP Regulations and ICDR Regulations and
11
accordingly individual penalty has been imposed
Trade Practices
relating to Securities Market) Regulations, 2003 (hereinafter
referred to as „PFUTP Regulations‟). In addition to the
aforesaid, noticee ... Trade Practices
relating to Securities Market) Regulations, 2003 (hereinafter
referred to as „PFUTP Regulations‟), Section 21 of the
Securities Contracts (Regulations) Act, 1956 (hereinafter
referred
Fraudulent and Unfair Trade Practices relating to
Securities Market) Regulations, 2003 ("PFUTP" Regulations" for short)
and SEBI (Prohibition of Insider Trading) Regulations ... held guilty of violating the
provisions of the SEBI Act , PFUTP Regulations & PIT Regulations.
They were also called upon to show cause
Practices Relating to
Securities Markets) Regulations, 2003 (hereinafter referred to as 'PFUTP
Regulations').
FACTS OF THE CASE :-
2. Respondent conducted investigation in trading ... PFUTP Regulations
3
and consequently appellant is liable for monetary penalty under Section
15HA of SEBI Act, 1992.
5. Show cause notice
from violating
ICDR Regulations, the appellants are also guilty of
violating the PFUTP Regulations.
c) Penalty of ` 1 crore is imposed under Section 15HA ... SEBI Act on ground that the appellants, in
violation of PFUTP Regulations have routed IPO
proceeds in a circuitous manner so as to provide funds
