sebi:Order/PM/PA/2022-23/18104-18110
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Facts / Headnote
Monetary penalty imposed under section 15HA of the SEBI Act on Noticees 1, 2, 3, 4, 5 and 7 for violation of regulations 3(a),(b),(c),(d), 4(1), 4(2)(a) and (g) of SEBI (PFUTP) Regulations, 2003; SCN against Noticee 6 (Dharmendra Bhojak) disposed of as he passed away.
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 3(a)
- Reg. 13(4)
- Reg. 30(4)
Parties
- Suresh Laxman Patil (Noticee 1)
- Kamleshgiri Mansukhgiri Goshwami (Noticee 2)
- Prem Kumar (Noticee 3)
- Mahendra Sagarmal Fagania (Noticee 4)
- Ganesh Anant Ghadge (Noticee 5)
- Dharmendra Bhojak (Noticee 6)
- Surendra Moolchand Fagania HUF (Noticee 7)
Holding
The Adjudicating Officer held that the Noticees (except Noticee 6, deceased) engaged in reversal trades creating artificial volume in the scrip of Kanchan International Ltd., thereby violating regulations 3(a),(b),(c),(d), 4(1), 4(2)(a) and (g) of the SEBI (PFUTP) Regulations, 2003, and imposed monetary penalty under section 15HA of the SEBI Act.
Full text
Adjudication order in respect of 7 entities, Page 2 of 35 In the matter of Kanchan International Ltd. by reversing their trades, which lead to false or misleading appearance of trading in the market. Accordingly, it was alleged that the Noticees had violated the provisions of regulations 3(a),(b),(c),(d), 4(1),4(2) (a) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to “SEBI (PFUTP) Regulations”).
Adjudication order in respect of 7 entities, Page 3 of 35 In the matter of Kanchan International Ltd. Pratapsinh Jadhav as well, the actions of Yogesh Pratapsinh Jadhav are also referred in the instant order, while dealing with the charges against the rest of the Noticees.
Adjudication order in respect of 7 entities, Page 4 of 35 In the matter of Kanchan International Ltd. 6. The details of replies and hearings in respect of all the Noticees are furnished hereunder:
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Source: SecMarx — sebi:Order/PM/PA/2022-23/18104-18110. 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.