sebi:Order/SR/AS/2020-21/11238/158-164

SEBI · SEBI · 2017-03-27 · Sangeeta Rathod, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Adjudication proceedings initiated vide Show Cause Notice dated December 08, 2017 disposed without imposing monetary penalty on Noticees no. 1 to 7

Provisions invoked

Regulations

Parties

Holding

Allegations of synchronized trades creating artificial volume were noted as established against Noticees 1, 4, 5, 6 and 7 as part of a connected group, but the adjudication proceedings against all seven Noticees were disposed without imposing any monetary penalty.

Full text

Adjudication order in respect of seven entities in the matter of Core Education and Technologies Ltd (Page 2 of 42) Exchange (in short NSE), and that as the entities were connected to each other and the shares moved among them, these trades did not result in change in ownership of shares.

Adjudication order in respect of seven entities in the matter of Core Education and Technologies Ltd (Page 3 of 42) 5. Details of the SCN are given as under:  It was observed that the share price of CETL moved from Rs. 160.00 on February 01, 2012 and closed at Rs. 290.75 on May 29, 2012 (price rise of 80%). Pursuant to such fluctuations in the share price of the company during the period from February 01, 2012 to May 31, 2012 (hereinafter referred to as “Investigation period”) trading activity in the scrip of CEPL was investigated by Investigating Authority of SEBI (hereinafter referred to as IA).  Basis of connection: Based on the trading during the investigation period, IA observed that some connected entities have traded. Following connections were observed among the various entities on the basis of common e-mail ids / addresses/ directorship and off-market data etc.: S.No Client Name Basis of Connection 1 Vina Viren Ahuja (Noticee no. 7)  Entity at S. No. 1 (Vina Viren Ahuja) is the Director on Smarniya Properties Pvt. Ltd.

Adjudication order in respect of seven entities in the matter of Core Education and Technologies Ltd (Page 4 of 42) 14 KBS Trading Pvt. Ltd. (Noticee no. 3) Entities at S. No. 13, 14, and 15 have the same address i.e. 410, Mangalam, 24, Hemant Basu Sarani, Kolkata. Jaroli Vincom transferred one lakh shares to the entity at S.No 3 (Prabhat Properties), hence connected with Prabhat. 15 GKK Capital Markets 16 Sharad Shah Entities at S.No 16 and 17 have same common address, email id sharadshah1958@yahoo.co.in and mobile no. 9820826777. The entity at S. No. 16 received one lakh shares in off market from entity at S.No 6 (Bermaco Energy Systems Ltd) on March 22 and Mar 23, 2012 and hence connected. 17 Trupti Sharad Shah 18 Mangal Keshav Capital Ltd. Transferred 1.25 lakh shares in off market to entity at S. No 1 (Vina Viren Ahuja) on March 07, 2012 and hence connected. 19 Religare Finvest Ltd. Off market transfers with entities at S.No 13,14,15,16 (Jaroli Vincom, KBS Trading, GKK Capital and Sharad Shah) hence connected to them

You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.

Free accounts include 10 searches/day with full order access.

Analyse this matter in Ontology · Plans

Source: SecMarx — sebi:Order/SR/AS/2020-21/11238/158-164. 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.