sebi:MO/79/IVD/09/04
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Facts / Headnote
Noticees directed to disassociate themselves from the securities market and not to deal in securities for a period of six months
Provisions invoked
- s. 11B
- s. 11
- s. 19
Regulations
- Reg. 4
- Reg. 11
Parties
- M/s Viram Investment Pvt. Ltd.
- Shri Amal Parikh
- Shri Uday Shah
Holding
The Whole Time Member held that Viram Investment Pvt. Ltd., Shri Amal Parikh and Shri Uday Shah violated Regulation 4(b) and 4(c) of the FUTP Regulations, 1995 by engaging in non-genuine, interconnected self-dealing trades in ISL shares that created a false or misleading appearance of trading and resulted in price reflection based on non-genuine transactions. The noticees were directed to disassociate from the securities market for six months.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER UNDER SECTIONS 11 AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 AND REGULATION 11 OF SEBI (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES IN SECURITIES MARKET), 2003. AGAINST M/S VIRAM INVESTMENT PVT. LTD., SHRI AMAL PARIKH AND SHRI UDAY SHAH, IN THE MATTER OF TRADING IN THE SHARES OF M/S INTELLIVISION SOFTWARE LTD. MO/79/IVD/09/04
2002-03- 20:09:55:38 458 1 B L 0 100000 100000 D 30 2002-03- 20:09:55:45 0 45800100000027791 458 2 S L 30.05 85000 85000 A 20 2002-03- 20:09:55:54 0 45800200000028506 70000 458 8 S L 30.05 60000 60000 A 20 2002-03- 20:09:56:34 0 45800800000033349 70000 58 1 B L 30.05 145000 145000 A 30 2002-03- 20:09:57:16 0 45800100000027793 7000 (c) On 26.03.2002 there was one trade in the scrip for two shares at Rs. 25.45 (8% lower than the previous closing of Rs. 27.65). On this day, total valid sell orders shares. OSBPL had placed a sell order for 20,000 shares. However, this order remained unexecuted. (d) On 27.03.2002 there were two trades in the scrip for a total quantity of 28 shares at Rs. 23.45 (8% lower than the previous closing of Rs. 25.45). Total valid sell-or were for 12,863 shares placed by four different members. OSBPL alone had placed a sell order for 10,000 shares which remained unexecuted. Total valid buy-ord shares placed by the members M/s Angel Broking Limited and M/s Bhavik Rajesh Khandhar Share and Stock Broker Private Limited @ Rs. 23.45. (e) On 01.04.2002 the scrip was traded for 25 shares @ Rs. 19.90 (8% lower than the previous closing of Rs. 21.60). Total valid sell orders on this day were for 21 almost all sell orders were placed at the rate of Rs. 19.90. OSBPL had placed a sell order for 20,000 shares @ Rs. 19.90 which remained unexecuted. The only b day was placed by the member M/s SSKI Investor Services Private Limited
distort the equilibrium of trading in the said scrip and to depress the prevailing market price. If there was any intention on part of anyone to depress the market o regular sale would have been made at periodic intervals over a period of time to hammer down the price of the ISL scrip, but such was not the case.
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Source: SecMarx — sebi:MO/79/IVD/09/04. 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.