sebi:EAD-3/JS/VRP/GSS/48/2018-19
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Facts / Headnote
Penalty imposed on the Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15H
- s. 15J
- s. 15
- s. 15F
- s. 24
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Sunil Purohit
Holding
The Noticee Sunil Purohit was held to have violated regulations 4(1), 4(2)(a) and 4(2)(g) of the PFUTP Regulations by indulging in synchronised and circular trading in the scrip of SKS Logistics Ltd., creating artificial volumes, and a penalty of Rs. 3,50,000 was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order against Sunil Purohit in the matter of SKS Logistics Ltd. 2 4. It was observed that, the Noticee had allegedly indulged in synchronised cum circular trades within the group that is the Noticee, Client Haresh Posnak, Client Mehul Shah, Client Mahesh Bissa, S P J Stock Broker Pvt Ltd, PJ Chaudhary, Client Bhuptani Chatrabhuj (broker of Galaxy Broking Ltd) and Client Sunil Satish Kuril (broker Sumat P. Jain) thereby created artificial volumes in the scrip.
Adjudication Order against Sunil Purohit in the matter of SKS Logistics Ltd. 3 The above trade details received from BSE were enclosed with the SCN.
Adjudication Order against Sunil Purohit in the matter of SKS Logistics Ltd. 4 Sir, I am looking several matters for my various clients and in every matter the request of inspection was acceded by the SEBI. SEBI had provided Original Trade and Order Log data (if SEBI have) in every matter where the allegation of violation of PFUTP regulation was made in the SCN. No data are confidential if an allegation is made against someone about fraud and the said data are relied on. SEBI is providing Investigation report and Original Trade and Order Log data (in CD, excel format, as received from the exchanges) and not considered them as confidential so far as the PFUTP violation. Mr. Sunil Purohit is asking only those documents/data which are concerning to him only.
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Source: SecMarx — sebi:EAD-3/JS/VRP/GSS/48/2018-19. 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.