sebi:EAD-2/AO/48-49/2012
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Facts / Headnote
Violations established; penalty of Rs. 1,00,000 each imposed on two noticees
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
Parties
- Shri Chandrakant Patel
- Shri Bharat Patel
Holding
The Noticees violated Regulations 4(1) and 4(2)(a) & (e) of the PFUTP Regulations in the scrip of TSWL and were each liable for penalty under Section 15HA of the SEBI Act.
Full text
Page 2 of 7 had dealt in the scrip of TSWL in a fraudulent and manipulative manner during the period under investigation that created false and misleading appearance of trading, artificial volume and price manipulation in the scrip.
Page 3 of 7 the scrip of TSWL in a fraudulent and manipulative manner during the period under investigation. The Noticees have common address. The SCN alleged that the Noticees along with the connected clients executed fraudulent and manipulative trades and created price manipulation in the scrip of TSWL by indulging in (a) placing orders for small quantities at incrementally higher prices to influence the price of the scrip (b) order book manipulation by putting large buy orders and deleting them, in order to create buying pressure, and (c) executing circular/structured/synchronized trading. The details of their violations were provided in Annexure-I. The Noticees had allegedly indulged in order book manipulation by putting large orders and deleting them subsequently in order to create buying pressure in the scrip.
Page 4 of 7 Consideration of Issues, Evidence and Findings 10. I have carefully perused the charges against the Noticees mentioned in the SCN and the materials and documents as available on record. The issues that arise for consideration in the present case are:
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Source: SecMarx — sebi:EAD-2/AO/48-49/2012. 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.