sebi:EAD/BJD/NJMR/6/2018-19
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Facts / Headnote
Adjudication proceedings disposed of without any penalty; alleged violation not established
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 4
- Reg. 3
Parties
- Jayant Indulal Sethna
Holding
The Adjudicating Officer held that the Noticee, Jayant Indulal Sethna, did not violate Regulation 3(a)(b)(c)(d) read with Regulation 4(1), 4(2)(a) and (e) of the SEBI (PFUTP) Regulations, 2003, and the adjudication proceedings were disposed of without any penalty.
Full text
Adjudication Order in respect of Jayant Indulal Sethna in the matter of Dhenu Buildcon Infra Ltd., Page 2 of 15 Patch 1 (Pre-Split Price Rise Patch) - August 9, 2011 to October 23, 2012 Patch 2 (Post -Split Price Rise Patch) - October 25, 2012 to February 8, 2013 Patch 3 (Price Fall Patch) - February 11, 2013 to May 27, 2015
Adjudication Order in respect of Jayant Indulal Sethna in the matter of Dhenu Buildcon Infra Ltd., Page 3 of 15 4. Pursuant to carrying out Last Traded Price (LTP) analysis, it was observed that Jayant Indulal Sethna (hereinafter referred to as “Noticee”) found to have indulged in price manipulation in the scrip of DBIL by trading above LTP, by placing sell orders for only 1 share in various transactions and repeatedly executed such orders on various days. Thus, it was alleged that the Noticee had contributed to price rise in the scrip of DBIL with each of his trades and thereby created a misleading appearance of trading in the scrip. Therefore, it was alleged that the Noticee had violated the provisions of Regulation 3 (a) (b) (c) (d) Regulation 4 (1), 4(2)(a) and (e) of SEBI (Prohibition of Fraudulent Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to “PFUTP Regulations”).
Adjudication Order in respect of Jayant Indulal Sethna in the matter of Dhenu Buildcon Infra Ltd., Page 4 of 15 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
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Source: SecMarx — sebi:EAD/BJD/NJMR/6/2018-19. 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.