sebi:ORDER/SBM/KL/2022-23/16501
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Facts / Headnote
Penalty imposed on the Noticee
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 12A
- s. 15F
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Mr. Bhanuprasad Dipakkumar Trivedi (Karta of Bhanuprasad HUF)
Holding
The Noticee, Mr. Bhanuprasad Dipakkumar Trivedi (Karta of Bhanuprasad HUF), violated Sections 12A(a), (b) & (c) of the SEBI Act and Regulations 3(a), (b), (c), (d) and 4(1) of the PFUTP Regulations by acting as a front entity/conduit in collusion with Jayesh HUF and Roopal Panchal to corner shares in the IPOs of IDFC and Sasken, and a monetary penalty of Rs. 50,00,000/- was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 38 and Sasken were employed by certain persons/entities, including the Noticee during the year 2005. Based on the investigations conducted by SEBI and irregularities observed therein, which were committed by the entities/persons, including the Noticee, adjudication proceedings were initiated against the Noticee under the provisions of section 15 HA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for his alleged violation of the provisions of Sections 12A(a), (b) & ( c) of the SEBI Act and Regulations 3(a), (b), (c), (d) and 4 (1) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as 'PFUTP Regulations')
Page 3 of 38 Ltd. and its alleged direct/indirect transactions, both financial and securities, with the entities/persons, including Bhanuprasad Trivedi HUF (hereinafter referred to as 'Bhanuprasad-HUF') and the alleged illegal gains made by Jayesh-HUF in the said IPOs. Subsequently, the investigation report containing the additional findings w.r.t the various persons/entities, including the Noticee was submitted by the concerned department of SEBI in the matter.
Page 4 of 38 the Financiers/ entities who received the shares from Roopal/ Panchal group in turn sold the shares in the market and made substantial gains at the cost of other genuine investors.
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Source: SecMarx — sebi:ORDER/SBM/KL/2022-23/16501. 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.