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2015 (7) TMI 129 - SECURITIES APPELLATE TRIBUNAL MUMBAIIrregularities in trading in scrip - Self trade - Held that:- It is stated in para 8 of SCN that, Appellant No.1 due to his self trades and resultant monetary profit gained, has violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a), 4(2)(b), 4(2)(e) and 4(2)(g) of Prevention of Fraudulent and Unfair Trade Practices(PFUTP) Regulations, 2003. In reference to gain from self trades, it is not clear how Appellant No.1 gained from self trades, since sale and buy price are the same. This aspect of allegation cannot be appreciated. Moreover, how acts of self trades have resulted in violation of regulations of SEBI (PFUTP) Regulations, 2003 and SEBI Act, 1992, has not been explained. Self-trades are the acts that violate provisions of SEBI (PFUTP) Regulations, 2003 and SEBI Act, 1992, but how these Regulations and Act can be imputed to acts of self-trades of Appellant No.1 has to be explained explicitly; which is not done in SCN. It is evident, that Appellant No.1 did indulge in manipulative trades by executing 375 trades, involving 1206 shares in scrip of VIL and contributed to increase/decrease in LTP and also played crucial role in establishing new high/low in the same scrip and also executed six self-trades, two of these being executed by Appellant No.2 as broker and counter-party broker – and hence it will not in interest of justice to discharge the two Appellants from alleged violations as stated against them, due to improper handling of entire adjudication proceedings by Ld.A.O. - Case is remanded back to Respondent.
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