sebi:11227
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Restrained Mr. Arun Upadhyaya from associating with any corporate body in accessing the securities market and prohibited from buying, selling or dealing in securities, directly or indirectly, for a period of two years, with immediate effect.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
Regulations
- Reg. 3
- Reg. 13
- Reg. 4(a)
- Reg. 12
Parties
- Mr. Arun Upadhyaya of M/s. Archana Investments
Holding
Mr. Arun Upadhyaya of M/s. Archana Investments was found guilty of violating Regulation 4(a), (b), (c), (d) and (e) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 for aiding and abetting manipulation of the share price of GTFL, and was restrained from accessing the securities market and dealing in securities for two years.
Full text
Exchange, Mumbai. (hereinafter referred to a “BSE”). As per BSE, the capital of GTFL was Rs. 99.66 lacs, comprising 9.96 lac equity shares of Rs. 10 each.
Investments, asking him to show cause as to why a suitable direction under Section 11B read with Section 11(4) of SEBI Act including a direction restraining him from accessing the capital market for a suitable period, should not be issued. It was also mentioned that if he failed to submit any reply within the stipulated period of 15 days then, it would be presumed that he had no evidence to adduce in the matter and SEBI would be free to take such action as deemed fit in the matter. Mr. Arun Upadhyaya has not submitted any reply to the show cause notices issued by SEBI.
in obligation of shares. l. Arrangements for collecting the contract notes, bills, cheques, delivery of shares(for the purchase position) etc., Similar arrangements were also made to issue cheques, delivery of shares (for the sale position) to the brokers. m. Arrangements for depositing the cheques issued by the brokers, favoring the clients appointed, towards the sale of GTFL shares in the respecting bank accounts. n. Arrangements for withdrawing the amount in cash terms after collection of the cheques. o. Co-ordination between the above mentioned entities, appointed for the exclusive purpose of manipulating the scrip price.
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Source: SecMarx — sebi:11227. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.