sebi:MO/TCN/IVD1/42/07/2007

SEBI · SEBI · 2005-08-31 · Dr. T.C. Nair, Whole Time Member

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Facts / Headnote

Shri Pankaj Gupta restrained from accessing the securities market and prohibited from buying, selling or dealing in securities for a period of six months with immediate effect

Provisions invoked

• s. 11B
• s. 11
• s. 19

Regulations

• Reg. 11
• Reg. 4
• Reg. 200
• Reg. 47

Parties

• Shri Pankaj Gupta

Holding

Shri Pankaj Gupta was held guilty of violating Regulation 4(a), (b), (e), (g) and (n) of the PFUTP Regulations, 2003 for reversal/circular trading creating artificial volume in Videocon Industries Ltd and was restrained from accessing the securities market and prohibited from buying, selling or dealing in securities for six months.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER Under Regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations 2003 read with Section 11, 11B and 11(4) (b) of SEBI Act, 1992) against Pankaj Gupta in the matter of Videocon Industries Ltd.

Day Date Total Traded Quantity NSE Close Price NSE Total Traded Quantity BSE Close Price BSE 13-Feb-04 1311 28.80 400 29.85 16-Feb-04 2275 30.75 550 30.55 17-Feb-04 1525 29.80 650 29.50 18-Feb-04 1110 29.15 2500 28.40 19-Feb-04 2130 26.00 910 25.20 20-Feb-04 1800 26.15 1000 27.40 23-Feb-04 3600 27.80 2700 28.00 24-Feb-04 29850 26.25 500 26.10 25-Feb-04 1410 25.85 3610 27.30 26-Feb-04 3289 28.90 9815 29.80 1.5 It was further observed that 28 structured deals were undertaken by Pankaj Gupta, a dealer and acting as a client of Intec and Mansukh. In the l these facts, it was alleged that Shri Pankaj Gupta had assisted and abetted Intec in creating artificial volume influencing prices in the sc  Videocon  and thus violating the provisions of Regulation 4 (a), (b), (e) (g) and (n) of  SEBI (Prohibition of Fraudulent and Unfair Trade Pr Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”). 2.0  Show Cause Notice, Reply and Personal Hearing 2.1  In view of the above facts, a show cause notice dated August 31, 2005 was  issued to Shri Pankaj Gupta asking him to show cause why action Regulation 11 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (here referred to as PFUTP Regulations) read with Section 11, 11B and 11 (4) of SEBI Act, 1992 including restraining from accessing the securities and prohibiting them from being associated with the securities market in any manner incl

1.3 It was observed that Mansukh had mainly traded in proprietary account and the major client of Intec was Shri Pankaj Gupta, one of the dealers of Intec. 1.4 During the said investigation period, the scrip was traded for 30 days, and the quantity traded was about 202512 shares on NSE and 65910 shares on BSE. Day Date Total Traded Quantity NSE Close Price NSE Total Traded Quantity BSE Close Price BSE 14-Jan-04 6850 36.15 7650 36.10 15-Jan-04 12481 33.15 2650 33.00 16-Jan-04 11101 33.00 600 32.50 19-Jan-04 20000 33.00 200 33.80 20-Jan-04 20803 31.00 1300 31.20 21-Jan-04 1109 28.65 6100 28.35 22-Jan-04 2610 27.05 2116 28.00 23-Jan-04 2290 32.45 3990 30.80 27-Jan-04 15760 32.00 1400 32.00 28-Jan-04 4050 32.50 3701 32.40 29-Jan-04 21575 32.05 825 31.55 30-Jan-04 11421 32.50 3568 30.00

Source: SecMarx — sebi:MO/TCN/IVD1/42/07/2007. 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.