sebi:Order/PM/VC/2020-21/9459
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Facts / Headnote
Violation established; penalty of Rs. 5,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Vinod Hari Mhatre
Holding
The Noticee violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) & (e) of the PFUTP Regulations by manipulating the price of MARL through repeated small-quantity sales. A penalty of Rs. 5,00,000 under Section 15HA of the SEBI Act was imposed on him.
Full text
Adjudication Order in respect of Vinod Hari Mhatre in the matter of Mahavir Advanced Remedies Limited Page 2 of 21 2. On the basis of investigation conducted by SEBI for the transactions in the scrip of MARL, it is inter-alia alleged that, Mr. Vinod Hari Mhatre (hereinafter referred to as ‘Noticee’) had violated the provisions of Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) & (e) of PFUTP Regulations. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Vinod Hari Mhatre in the matter of Mahavir Advanced Remedies Limited Page 3 of 21 identified three (3) patches of price movement based on the variance in quantum of trading volumes and the price movement of the scrip as below: Patches Period Price Movement Price/Volume trend From To Open High Low Close Patch-l 26/06/2013 09/04/2014 I 7.77 220.20 7.77 220.20 Price rise with low trading volumes Patch-l I 11/04/2014 14/07/2014 224.60 352.00 224.60 349.70 Price rise with high trading volumes Patch-Ill 15/07/2014 06/01//2015 351.00 374.10 150.65 150.65 Price fall with high trading volumes |
Adjudication Order in respect of Vinod Hari Mhatre in the matter of Mahavir Advanced Remedies Limited Page 4 of 21 observed that all the 22 sell trades were placed for a quantity in the range of 100 shares when there were buy orders were in the range of 500-2000 shares. Therefore, it was alleged that by executing these trades, the Noticee had matched the prices of prevailing buy orders which were placed at a higher price than the last traded price (LTP) and thereby contributed to the increase in the scrip price with each of her trades. It was also observed that these 22 trades were entered into on 22 different trading days across the period and each trades resulted in establishing a higher LTP.
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Source: SecMarx — sebi:Order/PM/VC/2020-21/9459. 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.