sebi:Order/GR/RK/2021-22/12327
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Facts / Headnote
Proceedings disposed of; allegations not established, no penalty imposed
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Divyadrishti Traders Pvt. Ltd.
Holding
The allegations against Divyadrishti Traders Pvt. Ltd. for violating Section 12A of the SEBI Act and Regulations 3(a), 3(b), 3(c), 3(d) and 4(1) of the PFUTP Regulations, 2003 were not established, and the Noticee is not liable for any monetary penalty under Sections 15HA and 15HB of the SEBI Act.
Full text
Adjudication Order w.r.t Divyadrishti Traders Pvt. Ltd.in the matter of IPO of Tijaria Polypipes Ltd. Page 2 | 18 2011. The price of TPL in NSE, fell from the highest price of Rs 67.75 per share to Rs 16.50 per share while in BSE, it fell from the highest price of Rs 67.80 per share to Rs 16.05 per share. It is noted from the Investigation Report that Divyadrishti Traders Pvt. Ltd. (hereinafter referred to as “Noticee/DTPL”) entered into synchronized trades to give exit to certain QIBs which created artificial volume in the scrip of TPL, leading to false and misleading appearance of trading in the securities market. Based on the findings of the investigation, SEBI initiated Adjudication Proceedings against the Noticee under Sections 15HA and 15HB of the SEBI Act for the alleged violations committed by the Noticee under Section 12 A of SEBI Act read with Regulation 3(a), 3(b), 3(c), 3(d) and 4(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as "PFUTP Regulations").
Adjudication Order w.r.t Divyadrishti Traders Pvt. Ltd.in the matter of IPO of Tijaria Polypipes Ltd. Page 3 | 18 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication Order w.r.t Divyadrishti Traders Pvt. Ltd.in the matter of IPO of Tijaria Polypipes Ltd. Page 4 | 18 counterparty to the trades of SPARROW on the first day of trading on BSE and NSE was DTPL. It is alleged that when SPARROW had sold the shares of the company on BSE and NSE, DTPL bought 25,706 shares on BSE and 85,580 shares on NSE respectively. The details of the buy orders of DTPL (buyer) as against the sell orders of SPARROW (seller) is mentioned as under: Excha nge Buy
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Source: SecMarx — sebi:Order/GR/RK/2021-22/12327. 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.