sebi:Order/KS/AE/2020-21/9194
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Facts / Headnote
Allegations not established; adjudication proceedings disposed of without penalty
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- ALPESH SHESHMAL SHAH
Holding
The alleged violations of Regulations 3(a) to (d), 4(1), 4(2)(a) and (e) of the PFUTP Regulations against the Noticee do not stand established, and the adjudication proceedings initiated vide SCN dated February 08, 2018 stands disposed of without penalty.
Full text
Page 2 of 18 from the Noticee’s trading pattern that it was not acting as genuine seller and had no bona fide intention to sell in-spite of buy orders with abundant quantity at a higher price being available in the market. Through such transactions, it was alleged that the Noticee was instrumental in establishing a price lower than the last traded price and thus contributed to fall in scrip price with each of his trades. In view of the same, it was alleged that Noticee manipulated the price of AVIL and created a misleading appearance of trading in the scrip, and adjudication proceedings was initiated against the Noticee for alleged violations of Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a), and 4(2)(e) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 18 and Devendra Lodha. The activities of the Company include financing periodical loans, supervisory & consultancy services, Leasing, Bill Discounting and Textile. AVIL's Corporate Identification Number (CIN) is L67120GJ1995PLC024449 and its registered office address is Office No.4019, 4th Floor, World Trade Centre, Ring Road, Surat – 390 002. The shares of the company are listed at BSE. ii. During the course of investigation, the price volume data in the scrip of the Company was analyzed and it was observed that the price of the scrip opened at Rs. 1.80 on January 01, 2009 and then there was increase in the price of the scrip and same was closed on August 01, 2011 at Rs. 77.15. Investigation further observed that subsequently the price of the scrip of AVIL fell to Rs. 0.66 on December 30, 2011 and further to Rs. 0.19 on April 24,
Page 4 of 18 (23/09/2011) (24/11/2011) Patch-3 (03/01/12-24/04/15) Price 0.63 0.19 0.14 (27/03/2015) 1.57 (07/05/2012) 23,82,270 Volume 2,45,012 8,29,981 1500 (03/11/2013) 8,34,59,458 (16/01/2012) Post Investigation Period 27/04/2015 to 31/05/2015 Price 0.20 0.11 0.11 (19/05/2015) 0.20 27/04/2015) 32,71,615
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Source: SecMarx — sebi:Order/KS/AE/2020-21/9194. 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.