sebi:IVD-ID3/ECL-VR/AO/DRK/ASG/EAD3-320/18-2012
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Facts / Headnote
Violation found; penalty of Rs 10,00,000 imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Tejas Ghelani
Holding
The noticee violated Regulations 4(1) and 4(2)(a) and (g) of the PFUTP Regulations by executing synchronized trades creating artificial volume in the scrip of Era. A penalty of Rs 10,00,000 under Section 15HA of the SEBI Act was imposed.
Full text
Page 2 of 12 2. Based on the findings of BSE, an examination was carried out by SEBI. The Investigation Report observed that a group of clients and few stock brokers, trading on their own accounts, traded significantly in the scrip during the Investigation Period. The group aggregately traded for 18,73,122 shares amongst themselves, which accounted for 29.54% of the total market volume of 63,41,973 shares during the period under investigation. This group consisted of namely S. P. J. Stock Brokers Pvt. Ltd. (dealing on its own account), Harikishan Hiralal, presently known as Shree Hari Hira Stock Broking Pvt. Ltd. (dealing for Victory Trading Corporation Ltd.), Sanchay Fincom Ltd. (dealing for Shri Sunil Purohit), Uttam Financial Services Ltd. (dealing on its own account), Galaxy Broking Ltd., (dealing for Shri. Kapil Bhuptani), Shri Adolf Pinto (dealing for Kenneth Pinto, Gillian Pinto and Mangeram Sharma), Vijay Bhagwandas & Co. (dealing for Shri. Tejas Ghelani, hereinafter referred to as ‘the noticee’), Pawan J. Choudhri (dealing on his own account), VSE Stock Services Ltd. (dealing for Shri Mehul Shah), Ajmera Associates Pvt. Ltd. (dealing on behalf of Shri Manherlal Vora, Shri Pratap Sanghvi, Shri Chetan Mehta), Southern Shares & Stocks Ltd. (dealing on behalf of Shri Chirag Pujara) and ISJ Securities Pvt. Ltd. (dealing for Shri Vijay Rathod),. This group is hereinafter referred to as’ the group’. It was alleged that the trades executed amongst the group were synchronized
Page 3 of 12 inquire into and adjudge under Section 15HA of the SEBI Act, the violations of Regulation 4(1) & 4(2) (a), (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the ‘PFUTP Regulations’) alleged to have been committed by the noticee.
Page 4 of 12 CONSIDERATION OF EVIDENCE AND FINDINGS 7. I have taken into consideration the facts and circumstances of the case and the material made available on record. The noticee has failed to submit any reply to the SCN served on him as per Rule 7 (c) of the Adjudication Rules in-spite of lapse of two years. Further, the noticee has also failed to appear for the hearings granted to him. Sufficient opportunities/ time had been provided to the noticee to make his detailed
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Source: SecMarx — sebi:IVD-ID3/ECL-VR/AO/DRK/ASG/EAD3-320/18-2012. 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.