sebi:ORDER/AK/RK/2025-26/31553-31563
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 16
- s. 12
- s. 15J
- s. 28A
- s. 27
- s. 23
- s. 65B
- s. 63
- s. 05
- s. 08
- s. 04
- s. 01
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 3(a)
- Reg. 14
- Reg. 4(2)(k)
- Reg. 3(a)(b)(c)
- Reg. 34
- Reg. 16
Parties
- Aakash Doshi (Noticee 1)
- Kevin Kapadia (Noticee 2)
- Dilip Doshi (Noticee 3)
- Richi Dilip Doshi (Noticee 4)
- Kruti Kevin Kapadia (Noticee 5)
- Dhanpal Gandhi (Noticee 6)
- Amesh Jaiswal (Noticee 7)
- Jalaj Agarwal (Noticee 8)
- Satyen Dalal (Noticee 9)
- Darshan Gandhi (Noticee 10)
- Jalpa Dhanpal Gandhi (Noticee 11)
Holding
The order records a prima facie finding that the eleven Noticees violated various provisions of the SEBI Act and PFUTP Regulations through alleged manipulation of price and volume in the scrip of Darshan Orna Limited. The excerpt provided does not contain the final disposition or penalty.
Full text
Adjudication Order in the matter of Darshan Orna Limited Page 2 of 81 2. It was found that Aakash Doshi (Noticee 1), Kevin Kapadia (Noticee 2), Dilip Doshi (Noticee 3), Richi Dilip Doshi (Noticee 4), Kruti Kevin Kapadia (Noticee 5), Dhanpal Gandhi (Noticee 6), Amesh Jaiswal (Noticee 7), Jalaj Agarwal (Noticee 8), Satyen Dalal (Noticee 9), Darshan Gandhi (Noticee 10) and Jalpa Dhanpal Gandhi (Noticee 11) (hereinafter jointly referred to as the “Noticees”) had, prima facie, violated various provisions of SEBI Act and PFUTP Regulations.
Adjudication Order in the matter of Darshan Orna Limited Page 3 of 81 Noticee 6 on November 06, 2024. Vide email dated October 26, 2024, AR of the Noticee 1, requested to postpone the said cross-examination to a later date. The said request was acceded to and AR was provided another opportunity of cross- examination on November 13, 2024.
Adjudication Order in the matter of Darshan Orna Limited Page 4 of 81 8. Noticee 9 submitted his reply to the SCN, vide letter dated January 20, 2025, received through email dated January 21, 2025.
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Source: SecMarx — sebi:ORDER/AK/RK/2025-26/31553-31563. 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.