sebi:MO/193/IVD/02/2006

SEBI · SEBI · 2003-06-27 · Madhukar, Whole Time Member

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

Facts / Headnote

Prohibited Shri V.K. Gupta from buying, selling or dealing in securities, directly or indirectly, for a period of one year.

Provisions invoked

• s. 11
• s. 11(4)
• s. 19

Regulations

• Reg. 11
• Reg. 3

Parties

• Shri V.K. Gupta

Holding

Shri V K Gupta was found to have indulged in creation of false market in the scrip of VWL and hindered true price discovery mechanism of the market in violation of Regulations 3, 4(a), 4(b), 4(c) and 4(d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995, and was prohibited from buying, selling or dealing in securities for a period of one year.

Full text

2 Date Opening Price Closing Price High Price Low Price Traded Quantit y 09-04-01 12.50 12.50 12.50 12.50 500 10-04-01 9.50 9.50 9.50 9.50 300 12-04-01 9.55 9.55 9.55 9.55 200 25-04-01 8.00 8.00 8.00 8.00 100 27-04-01 7.00 7.00 7.00 7.00 100 30-04-01 6.50 6.50 6.50 6.50 200 03-05-01 5.00 5.00 5.00 5.00 200 23-05-01 6.50 6.50 6.50 6.50 500 24-05-01 8.00 8.00 8.00 8.00 500 25-05-01 10.00 10.00 10.00 10.00 500 28-05-01 10.25 11.15 11.15 10.25 800 29-05-01 11.00 11.00 11.00 11.00 200 30-05-01 12.00 12.00 12.00 12.00 200 31-05-01 13.00 13.00 13.00 13.00 200 01-06-01 12.00 13.00 13.00 12.00 500 05-06-01 11.15 11.15 11.15 11.15 500 06-06-01 9.90 10.50 10.50 9.90 1500 08-06-01 10.25 11.00 11.00 10.25 1000 20-06-01 13.75 13.75 13.75 13.75 900 21-06-01 17.15 17.15 17.15 17.15 500 22-06-01 19.25 19.25 19.25 19.25 1300 25-06-01 21.50 21.65 21.65 21.50 1100 26-06-01 23.35 23.35 23.35 23.00 1200 27-06-01 25.20 25.20 25.20 25.20 2000 28-06-01 27.05 27.20 27.20 27.05 1300 29-06-01 29.00 28.95 29.00 28.95 4800

3 02-07-01 30.35 31.25 31.25 30.35 700 04-07-01 30.25 33.50 33.50 30.25 1800 05-07-01 34.00 36.00 36.00 34.00 600 06-07-01 37.00 38.00 38.50 37.00 1200 09-07-01 40.00 40.00 40.00 40.00 500 10-07-01 43.05 43.05 43.05 43.05 500 11-07-01 0.00 43.00 0.00 0.00 100

4 1.7 On the basis of the above the investigation concluded that Shri V K Gupta has violated Regulation 3, 4 (a) (b) (c) and (d) of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995.

Source: SecMarx — sebi:MO/193/IVD/02/2006. 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.