0095-2013 Kapil Chatrabhuj Bhuptani vs Securities and Exchange Board of India
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Full text
“12. Penalty under impugned order is imposed upon appellant solely on ground that almost all trades in shares of Adani Exports Ltd. effected by appellant during investigation were found to be synchronized and those trades were with only one group. It is well established by various decisions by this Tribunal that synchronized trade is per se not illegal. Synchronized transaction would be illegal if it is executed with a view to manipulate the market, is dubious in nature and is executed with a view to avoid regulatory detection, does not involve change of beneficial ownership or is exec
BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Date of Hearing : 03.10.2013 Date of Decision : 10.10.2013
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