sebi:ORDER/VV/PSS/2022-23/25283-25366

SEBI · SEBI · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Violations of SEBI Act 1992 and PFUTP Regulations established against multiple noticees; penalties imposed under Sections 15HA and 15HB of SEBI Act, 1992

Provisions invoked

• s. 15
• s. 12A
• s. 15H
• s. 15J
• s. 15F
• s. 28A
• s. 24
• s. 394

Regulations

• Reg. 3
• Reg. 4
• Reg. 6
• Reg. 4(1)
• Reg. 15(1)(b)
• Reg. 15
• Reg. 3(a)
• Reg. 9
• Reg. 201
• Reg. 09

Holding

The Adjudicating Officer held that the promoters, promoter group, connected entities, broker Choice Equity Broking Private Limited, sub-broker Satya Shakambari Securities Private Limited and others engaged in fraudulent synchronized trades and misuse of the stock exchange platform to provide exit to preferential allottees and consolidate promoter shareholding in Bhageria Industries Limited, in violation of Sections 12A(a), (b), (c) of the SEBI Act, 1992 and Regulations 3(a)-(d) and 4(1), 4(2)(a) of the SEBI (PFUTP) Regulations, 2003, and imposed penalties under Sections 15HA and 15HB of the SEBI Act, 1992.

Full text

Adjudication order in the matter of Bhageria Industries Limited Page 2 of 93 26 Chandraprabha Suresh Bhageria AEUPB3503P 27 Niranjanlal Bhageria HUF AABHN2017H 28 Krishna A Agarwal AACPA0195Q 29 Anjani Kumar Chirania AABPC9301P 30 Sonika Rakesh Bhageria AFZPB9322A 31 Paath Financial Services Private Limited AAHCP2103K 32 Niranjanlal Keshavdeo Bhageria AAFPB0892A 33 Vijay Manohar Kodam BQUPK3902L 34 Manjula Vinod Lohiya ACDPL9211B 35 Manohar Gauraian Kodam AAZPK9846M 36 Suresh K Bhageria HUF AADHS0496K 37 Abhilasha Money Operations Pvt Ltd (represented by Florence Securities Private Limited) AABCA8262G 38 Zenith Speciality Private Limited AAACZ2666G 39 Rahul Niranjanlal Bhageria AGAPB0874F 40 Akashdeep International Private Limited AAECA0649J 41 Vanita Ashish Saraf AFZPB1274M 42 Archana Deepak Bhageria ADSPB5258L 43 Vishwambharlal Keshaodev Bhageria AABPB0178P 44 Asha Dinesh Bhageria AFZPB1519D 45 Kanchan Kamlesh Dave AHGPD0957N 46 Sakshi Anjani Chirania ALEPC0190L 47 Suresh Keshavdeo Bhageria AABPB0527E 48 Deepakkumar Vishwambharlal Bhageria AABPB0179N 49 Vikas Sureshkumar Bhageria AFBPB3345K 50 Harshita Vikas Bhageria ALOPB8277H 51 Prabhudayal Rewatlal Chawla AGAPC4806E 52 Bodal Chemicals Ltd AAACD5352M 53 Blissful Traders Private Limited (represented by Chartered Capital Research Private Limited) AAACF9204G 54 Aditya Vinod Bhageria AJDPB4921D 55 Yogesh Shrinivas Jadhav ALFPJ5077Q 56 Sangita Ramratan Chirania AACPC0731E 57 Ashok Kumar Ramnath Chirania AEVPC5715K 58 Lalit Kum

Adjudication order in the matter of Bhageria Industries Limited Page 3 of 93 63 Narendra Kumar Saini AAKPS1599Q 64 Ealdor Retails Private Limited (represented by Florence Securities Private Limited) AABCE9439P 65 Kamlesh Dharmdutt Dave ADTPP7048M 66 Choice Equity Broking Private Limited AADCC8390B 67 Satya Shakambari Securities Private Limited AAGCS6220B 68 Ankur Anjani Chirania AGGPC2590R 69 Dhwani Rahul Bhageria AKIPD4568J 70 Vikas Bhageria HUF AAGHV9911D 71 Signora Finance Private Limited (represented by Chartered Capital Research Private Limited) AAHCS4031R 72 Rahulkumar Kamlesh Dave CDDPD7596J 73 Anjani Kumar Chirania HUF AAAHA1184P 74 Rakesh Bhageria HUF AAOHR1475C 75 Rahul Bhageria HUF AAOHR1476B 76 Chanda Devi Bhageria AEUPB3499J 77 Deepak Bhageria HUF AAGHD8696D 78 Renu Saraf ABDPS4889H 79 Nidhi A Chirania AHAPC2945D 80 Sapna Vinod Lohiya AKEPL5908Q 81 Abhishek Vinod Bhageria AFZPB0801N 82 Hemant Kumar Saraf BUUPS3100A 83 Gajanan Enterprises AAKFG7595A 84 GRD Securities Limited AABCG7534M

Adjudication order in the matter of Bhageria Industries Limited Page 4 of 93 it was noted that she claimed exempt income u/s 10(38) of the Income Tax Act on sale of scrip, M/s. Bhageria Dye-Chem Limited (now Bhageria Industries Limited). The shares were purchased at meagre prices and sold at abnormally high prices. It was also observed that the prices of the scrip were continuously rising since 2013. Accordingly, based on Income Tax reference and price volume statement, BSE investigated the scrip of Bhageria Industries Limited. Based on BSE findings, SEBI conducted a detailed investigation into the trading activities of certain entities in the scrip of Bhageria Industries Limited (hereinafter referred to as the “BIL/the Company”) to ascertain any violation of the provisions of SEBI Act 1992, PFUTP Regulations and SEBI (Prohibition of Insider Trading) Regulations, 2015 by the suspected entities in trading in the scrip of BIL, during the period April 17, 2014, to October 25, 2016 (hereinafter referred to as the ‘investigation period’).

Source: SecMarx — sebi:ORDER/VV/PSS/2022-23/25283-25366. 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.