sebi:EAD-9/VKV/GSS/2020-21/10737-10745
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Facts / Headnote
Violations of SEBI PFUTP Regulations 2003 found against all 9 Noticees; monetary penalty imposed under Section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 11B
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 200
- Reg. 3(a)
Parties
- Jigar Ghogari (Noticee no. 1)
- Kiran Bhanaes (Noticee no. 2)
- Jinal Rawal (Noticee no. 3)
- Dilip Jain (Noticee no. 4)
- Kishan Shigvan (Noticee no. 5)
- Janak Dave (Noticee no. 6)
- Jatin Shah (Noticee no. 7)
- Bhupesh Rathod (Noticee no. 8)
- Kiran Sheth (Noticee no. 9)
Holding
The Adjudicating Officer held that Noticees 1-6, 8 and 9 violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a), (e), (g) of the SEBI PFUTP Regulations 2003, and Noticee 7 (Jatin Shah) violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(e) of the same Regulations. A monetary penalty was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of KGN, Ploytex and Gemstone Page 2 of 34 3. Pursuant to the investigation, following was observed; In the scrip of Gemstone Investment Ltd. (GIL): a) Clients Jigar Ghogari, Dilip Jain, Kiran Bhanaes, Jinal Rawal and Kishan Shigvan created artificial volume in the scrip by way of reversal trades and synchronized trades.
Adjudication Order in the matter of KGN, Ploytex and Gemstone Page 3 of 34 of penalty, may impose such penalty in terms of rule 5 of SEBI (Procedure for Holding Inquiry and imposing penalties) Rules, 1995 (hereinafter referred as ‘AO Rules’) under the provisions of section 15HA of the SEBI Act. Subsequently, undersigned has been appointed as AO by SEBI, vide communication order dated August 13, 2019, to inquire into and adjudge the violations alleged to have been committed by the Noticees.
Adjudication Order in the matter of KGN, Ploytex and Gemstone Page 4 of 34 Noticees namely; Janak Dave (Noticee no. 6), Jatin Shah (Noticee no. 7), Bhupesh Rathod (Noticee no. 8) and Kiran Sheth (Noticee no. 9) were granted opportunity of personal hearing on September 13, 2017.
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Source: SecMarx — sebi:EAD-9/VKV/GSS/2020-21/10737-10745. 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.