sebi:Order/BD/VS/2019-20/7382-7409
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Facts / Headnote
Violation found; monetary penalty imposed under Section 15HA of SEBI Act, 1992
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(a)
Parties
- Subhadraben Rameshchandra Shah
- Manoj Kantilal Parmar
- Bhavnesh C Gandhi
- Maulik Vinitkumar Parikh
- Roshanlal Daulatram Aggarwal
- Girishbhai S Varia
- Mahendra Vadilal Shah
- Ramanlal Ravchand Shah
- Karan Subhashchandra Ravde
- Nilesh Rameshchandra Shah
- Mushabber Imranali Ahmadi
Holding
Noticees-1 to 3 and 5 to 18, in two connected groups acting in tandem, were held to have created artificial volume and manipulated LTP, NHP and first trades in the scrip of M/s Negotium International Trade Limited in violation of Section 12A(a),(b),(c) of SEBI Act and Regulations 3 and 4 of PFUTP Regulations, 2003 and liable for monetary penalty under Section 15HA.
Full text
Adjudication order in respect of M/s Negotium International Trade Limited Page 2 of 36 305, Neelkanth Chambers, Saini Enclave, Karkardoma, Delhi- 110092.
Adjudication order in respect of M/s Negotium International Trade Limited Page 3 of 36 price of the scrip had undergone a significant fall from Rs. 13.65 (March 10, 2017) to Rs. 7.03 (April 28, 2017) i.e. a decline of 48.50% in 28 trading days. On preliminary examination, SEBI observed that the price of the scrip had increased from around Rs. 31 (August 01, 2016) to around Rs. 89 (October 24, 2016) on an adjusted basis and then had fallen down significantly thereafter to Rs. 5.56 (May 19, 2017) which covered the period for which alert was generated. An investigation was carried out with a focus to ascertain whether there was any violation, inter alia, of the provisions of SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”) by the suspected entities in trading in the scrip of NITL during the period August 01, 2016 to May 19, 2017 (hereinafter referred to as “Investigation Period”).
Adjudication order in respect of M/s Negotium International Trade Limited Page 4 of 36 Particulars QE June 2016 QE Sept 2016 QE Dec 2016 QE Mar 2017 No. of shares % No. of shares % No. of shares % No. of shares % Hsk Real Estates Private Limited 3,17,900 8.11 3,17,900 8.11 31,79,00 0 8.11 31,79,0 00 8.11 Stride Placement Services Private Limited 2,77,500 7.08 2,77,500 7.08 27,75,00 0 7.08 27,75,0 00 7.08 Total no. of shares 5,95,400 15.1 8 5,95,400 15.1 8 59,54,00 0 15.1 8 59,54,0 00 15.18
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Source: SecMarx — sebi:Order/BD/VS/2019-20/7382-7409. 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.