sebi:EAD-5/SVKM/AO/87/2017-18

SEBI · SEBI · 2015-02-03 · S. V. Krishnamohan, Chief General Manager & Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Violation established; penalty of Rs. 7,00,000 imposed under Section 15HA

Provisions invoked

• s. 15
• s. 12A
• s. 12
• s. 15H
• s. 15I
• s. 15J

Regulations

• Reg. 3
• Reg. 200
• Reg. 3(a)

Parties

• Lakhi Prasad Kheradi

Holding

The Adjudicating Officer held that Lakhi Prasad Kheradi violated Section 12A(a) to (c) of the SEBI Act, 1992 and Regulations 3(a) to (d), 4(1) and 4(2)(a) & (e) of the PFUTP Regulations and imposed a penalty of Rs. 7,00,000 under Section 15HA of the SEBI Act, 1992.

Full text

Adjudication order against Lakhi Prasad Kheradi in the matter of M/s Out of City Travel Solutions Limited Page 2 of 15 2. The Last Traded Price (LTP) Analysis of the trades on BSE by the Noticee are as under: Name of the buyer. All trades LTP Diff. >0 LTP Diff. < 0 LTP Diff. =0 % of Net LTP to mkt net LTP (Market net LTP, Rs.177.21) Net LTP Sum of Quantity No of trades LTP impact QTY traded No of trades LTP impact QTY traded No of trades QTY traded No of trades Noticee 85.35 152 45 87.25 77 25 -1.9 10 10 65 10 48.16% Total - market 177.21 4848281 4062 585.53 95508 393 - 408.87 105118 254 4647655 3415 100.00%

Adjudication order against Lakhi Prasad Kheradi in the matter of M/s Out of City Travel Solutions Limited Page 3 of 15  It was observed that Noticee placed his respective buy orders at prevailing sell order rates which were already at prices higher than existing NHP.  From the above table, it is seen that though the sellers were offering shares of quantity ranging from 1 - 100 shares, Noticee placed buy orders for just 1 share in order to influence the price.  In 2 instances Noticee had entered into self-trades, one share per each trade and contributed to Rs.1.05 increase of NHP.  It is alleged that in the aforesaid manner, noticee had manipulated the OCTSL scrip and contributed to 9.17% of the market NHP in 9 trades with total volume of 9 shares.

Adjudication order against Lakhi Prasad Kheradi in the matter of M/s Out of City Travel Solutions Limited Page 4 of 15 4(2)(a) & (e) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations 2003 (hereinafter referred to as "PFUTP Regulations"). APPOINTMENT OF ADJUDICATING OFFICER

Source: SecMarx — sebi:EAD-5/SVKM/AO/87/2017-18. 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.