sebi:1300689970826
Facts / Headnote
Direction restraining Shri Dinesh Patel from dealing in securities for a period of 3 years
Provisions invoked
- s. 11B
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 11
- SEBI (PFUTP) Regulations, 2003 — 12
- SEBI (PFUTP) Regulations, 2003 — 4(a)
- SEBI (PFUTP) Regulations, 2003 — 4(b)
- SEBI (PFUTP) Regulations, 2003 — 4(d)
Parties
- Shri Dinesh Patel
Holding
Shri Dinesh Patel was found to have violated Regulation 4(a), (b) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 1995 by acting in concert with Shri RC Basantani to manipulate the price and volume of the scrip of SIL. He was directed to refrain from dealing in securities for a period of 3 years.
Full text
21.04.1999 to 11.05.1999). SIL had come out with a 1:3 bonus during April 1999. The ex-bonus date for the scrip was 21.04.1999 and the record date for the bonus was fixed on 20.05.1999.
(Prohibition of Fraudulent and unfair trade practices relating to securities Market) Regulations, 1995 (hereinafter referred to as "the Regulations") under sec 11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the Act") read with regulations 11 and 12 of the Regulations. The letter was returned undelivered. Once again show cause notice was sent on 8.3.02, which was also returned undelivered.
A personal hearing was fixed for 19.07.2002 and was the informed to Shri Patel vide letter dated 04.07.2002. Shri Patel did not attend the hearing held on 19.07.2002. Based on the investigation I find that -
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Source: SecMarx — sebi:1300689970826. 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.