sebi:IVD-ID5/UTI/AO/DRK-AKS/EAD-3/355/21-13
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Facts / Headnote
Adjudication proceedings disposed of; violations not established against the noticees.
Provisions invoked
- s. 15H
- s. 15I
Regulations
- Reg. 3
Parties
- Shri Saurabh C Shah
- Shri Mital C Shah
Holding
The alleged violations of Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations are not established against the noticees Shri Saurabh C Shah and Shri Mital C Shah, and the adjudication proceedings are disposed of.
Full text
Page 2 of 5 APPOINTMENT OF ADJUDICATING OFFICER 2. I was appointed as the Adjudicating Officer under Section 15I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) to inquire into and adjudge under Section 15HA of the SEBI Act the alleged violations of Regulations 3 (a), (b), (c), (d), 4 (1), 4 (2) (a), (b), (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) alleged to have been committed by Shri Saurabh C Shah and Shri Mital C Shah (hereinafter referred to as ‘noticees’) with respect to their dealings / trading in the ETF and the same was communicated vide communiqué dated 25.04.2012.
Page 3 of 5 trades were reversed within a gap of four minutes. In view of the aforesaid trades (reverse / synchronized trades) it was alleged that the said 2 trades had increased the price of the ETF by ` 107. Therefore, it was alleged that the noticees trades had artificially inflated the price of the ETF and gave a false and misleading appearance of trading in the ETF.
Page 4 of 5 in the SCN. Noticees further submitted that they are small time investors who occasionally trade in the market and to substantiate it they submitted their trading and demat account statement.
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Source: SecMarx — sebi:IVD-ID5/UTI/AO/DRK-AKS/EAD-3/355/21-13. 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.