sebi:BM/AO-150/2011
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Facts / Headnote
Noticee held liable for violation of Regulations 4(2)(a), 4(2)(b) and 4(2)(g) of SEBI PFUTP Regulations, 2003 and Sections 11C(3) and 11C(5) of the SEBI Act; penalty imposed under Sections 15HA and 15A(a) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 11C
- s. 11C(3)
Regulations
- Reg. 4(2)
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
Parties
- Bhavesh Pabari
Holding
The Noticee Bhavesh Pabari was held liable for violating Regulations 4(2)(a), 4(2)(b) and 4(2)(g) of the PFUTP Regulations by executing reversal and synchronized trades with connected clients (Hemant Sheth, M/s Shree Radhe, Niraj Sanghvi) to manipulate the price of the scrip of Gulshan Polyols Limited, and for violating Sections 11C(3) and 11C(5) of the SEBI Act by non-compliance with summonses issued during investigation.
Full text
_____________________________________________________________________________________ Bhavesh Pabari in the matter of Gulshan Polyols Limited Page 2 of 39 connected entities violated Regulations 4(2)(a), 4(2)(b) and 4(2)(g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as ‘PFUTP’). Consequently, in respect of the alleged charges, the Noticee would be liable for monetary penalty under section 15HA of SEBI Act.
_____________________________________________________________________________________ Bhavesh Pabari in the matter of Gulshan Polyols Limited Page 3 of 39
_____________________________________________________________________________________ Bhavesh Pabari in the matter of Gulshan Polyols Limited Page 4 of 39 copies of trade and order log and clarification given to the Noticee with regard to the price volume data for the investigation period that "the price volume data mentioned is of Gulshan Sugar & Chemicals Ltd before the amalgamation for the period January – December 2006 which is consistent with the data available on the BSE website.”
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Source: SecMarx — sebi:BM/AO-150/2011. 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.