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2015 (7) TMI 257 - SECURITIES APPELLATE TRIBUNAL MUMBAIPenalty under section 15HA of the SEBI Act, 1992 - Violation of PFUTP regulations, 2003 - Artificial volume and price manipulation in the scrip - Self trade through various brokers - Increase in price of about 31.77 percent in 163 trading days - Held that:- The learned AO has himself, while considering the question of imposition of penalty, observed that it was difficult to quantify any gain or unfair advantage which might have accrued to the two Appellants due to the trades in question or any loss to the investors. Moreover, no action has been taken against the persons who acted as a group along with Appellants. In view of this finding in paragraph 25 of the impugned order, we are of the considered opinion that the ends of justice would be duly met by reducing the penalty to ₹ 10 lakh on each of the two Appellants in the facts and circumstances of the case. - Decided partly in favour of appellants.
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