TMI Blog2011 (6) TMI 975X X X X Extracts X X X X X X X X Extracts X X X X ..... This appeal is directed against the order dated April 18, 2011 passed by the whole time member of the Securities and Exchange Board of India (for short the Board) restraining the appellant from buying, selling and dealing in securities in any manner whatsoever or accessing the securities market directly or indirectly for a period of three years from the date of the order. He has also been re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it lured the general public to invest in the shares of the company. It has been found that the financial results as disclosed to the public through the stock exchanges were false and inaccurate and the finding in this regard is not being challenged before us. It is also not in issue that the appellant being the chairman and whole time director was a part of the board of directors which approved t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fair trade practice in securities which includes publishing any information which is not true or which he does not believe to be true. Any advertisement that is misleading or contains information in a distorted manner which may influence the decision of the investors is also an unfair trade practice in securities which is prohibited. The regulations also make it clear that planting false or mislea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t him. Having regard to the nature of the serious market violation committed by the appellant, the Board was justified in keeping him out of the market for a period of three years and not allowing him to be a director on any listed company for that period. 3. It is contended by the learned counsel for the appellant that his client was financially illiterate and was not even a graduate and was n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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