sebi:EAD-2/DSR/RG/PU/345-403/2015
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (Stock Brokers) Regulations, 1992 — 7
Holding
The Adjudicating Officer found that the connected Walmiki Shah Group entities indulged in manipulative trade practices including synchronized, self and LTP-manipulating trades creating artificial volume and price in Well Pack Papers & Containers Limited, in violation of PFUTP Regulations, and that Arcadia as executing broker violated the Broker Code of Conduct.
Full text
Page 2 of 76 27. Shri Kaushik Rajnikant Mehta [PAN: ANNPM6298A] 28. Shri Hemant Madhusudan Sheth [PAN: ANOPS8607E] 29. Shri Ashokkumar Bhikhalal Parmar [PAN: AOJPP8746B] 30. Ms. Manisha Navneetlal Gandhi [PAN: AOSPG7834A]
Page 3 of 76 1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’), had pursuant to the detection of a huge rise in the traded volumes and/or price of the shares of Well Pack Papers & Containers Limited (hereinafter referred to as 'WPPCL/Company'), a company listed at the Bombay Stock Exchange limited (BSE), conducted an investigation into the alleged irregularity in the trading in the shares of WPPCL and into the possible violation of the provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the 'Act') and various Rules and Regulations made there under during the period from November 28, 2008 to March 12, 2010 and March 15, 2010 to June 30, 2010. It was observed that during the pre bonus and split period i.e. from November 28, 2008 to March 12, 2010 the price of the scrip unusually increased from `9.54 to `499.45 and the daily high and low traded volume was 1600 shares to 6,05,201 shares. Also, during the post bonus and split period i.e. from March 15, 2010 to June 30, 2010 the price of the scrip unusually increased from `23.20 to `73.90 and the daily high and low traded volume was 16,82,856 shares to 58,49,194 shares.
Page 4 of 76 Parikh, 19. Shri Mayank Navnitbhai Gandhi, 20. Ms. Aditi M Gandhi, 21. Shri Avinash Bothra, 22. Shri Bhavesh Pabari, 23. Ms. Rekha Bhandari, 24. Shri Prem Mohanlal Parikh, 25. Shri Sunil Bhandari, 26. Shri Nareshbhai Devbhai Patel, 27. Shri Kaushik Rajnikant Mehta, 28. Shri Hemant Madhusudan Sheth, 29. Shri Ashokkumar Bhikhalal Parmar, 30. Ms. Manisha Navneetlal Gandhi, 31. Pandya Yaminiben M, 32. Pandya Hardik M, 33. Shri Bharatkumar Baldevbhai Parmar, 34. Shri Laxman Dhirubhai Parmar, 35. Ms. Shobhnaben R Parmar, 36. Shri Rameshbhai V Parmar, 37. Ms. Amisha Samir Patel, 38. Shri Vipul Hiralal Shah, 39. Ms. Dipika Dinesh Kankaria, 40. Shri Shreedhar Yellaiah Kodam, 41. Shri Ankit Sanchaniya, 42. Shri Vivek Kishanpal Samant, 43. Anand Finstock Services Limited, 44. Shri Vishal Pare, 45. Shri Pannalal Ukaram Prajapati, 46. Ms. Vaishali Ashvinbhai Parmar, 47. Samir Sureshbhai Shah (HUF), 48. Spectrum Chemicals Private Limited, 49. Ms. Janaki Bipin Thakkar, 50. Shri Manish Suresh Joshi, 51. Shri Rakesh Gokulbhai Patel,
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Source: SecMarx — sebi:EAD-2/DSR/RG/PU/345-403/2015. 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.