sebi:IVD-ID5/SIL-JV/AO/DRK-AKS/EAD3-580/124-2014
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Facts / Headnote
Proceedings disposed of; no violation found, no penalty imposed
Provisions invoked
- s. 15
Regulations
- Reg. 3
Parties
- Shri Jigish Vasa
Holding
The Adjudicating Officer held that it could not be concluded that the noticee, Shri Jigish Vasa, had violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a), (b) and (e) of the PFUTP Regulations, and accordingly disposed of the adjudication proceedings without imposing any penalty.
Full text
Page 2 of 5 Supertex Industries Ltd. Winsome Textile Industries Ltd. Pre Investigation Period (1.10.2008 – 31.12.2008) Open (1.10.2008) 0.72 23 High 35 (15.12.2008) 23.6 (3.10.2012) Low 0.45 (23,24,27 Oct) 10.65 (13.10.2008) Close (31.12.2008) 25.83 21.02 Average Volume 63,035 23,111 Investigation Period (1.1.2009 – 31.8.2009) Open (1.1.2009) 26.5 23.8 High 64 (5.8.2009) 60 (11.8.2009) Low 12.5 (5.2.2009) 17.7 (1.1.2009) Close (31.8.2009) 54.6 55.8 Average Volume 120,633 42,249 APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 5 SHOW CAUSE NOTICE, REPLY AND HEARING 4. Show Cause Notice No. A&E/EAD3/DRK-AKS/28871/2013 (herein after referred to as ‘SCN’) dated 11.11.2013 was served on the noticee by “Speed Post Acknowledgement Due” requiring the noticee to show cause as to why an inquiry should not be held against the noticee and why penalty, if any, should not be imposed on the noticee under Section 15 HA of the SEBI Act. In the said SCN, it was alleged that the noticee had transferred shares in off market to the group entity, Ms. Bela Tushar Zaveri who had used the shares to execute circular trades, synchronised trades, reversal trades and self trades in the scrip of SIL which had resulted in creation of artificial volume in the said scrip leading to false and misleading appearance of trading in the scrip. Further, it had also artificially increased the price in the scrip and hence was fraudulent in nature.
Page 4 of 5 was consisting of 25 entities who were connected to each other through common address, common introducer, introduced other group members and off market transactions) in the scrip of SIL during the period July - August
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Source: SecMarx — sebi:IVD-ID5/SIL-JV/AO/DRK-AKS/EAD3-580/124-2014. 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.