sebi:Order/VV/PSS/NK/2022-23/25473-25479
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Provisions invoked
- s. 15
- s. 19
- s. 11(1)
- s. 12A
- s. 12
- s. 15H
- s. 27
- s. 15G
- s. 15J
- s. 23H
- s. 28A
- s. 23J
- s. 23
- s. 23E
Regulations
- Reg. 3
- Reg. 8
- Reg. 5
- Reg. 4
- Reg. 2
- Reg. 4(1)
- Reg. 201
- Reg. 2(1)(g)
- Reg. 2(1)(d)(i)
- Reg. 30
- Reg. 4(2)(f)
- Reg. 8(1)
- Reg. 4(2)
- Reg. 3(1)
- Reg. 2(1)(g)(i)
- Reg. 2(1)(e)
- Reg. 30(6)
- Reg. 4(2)(f)(8)
Parties
- Noticee No.1 - Markand Adhikari
- Noticee No.2 - ATPL / Assent Trading Private Limited
- Noticee No.3 - Ramchandra
- Noticee No.4 - Kaustubh
- Noticee No.5 - Anand Shroff
- Noticee No.6 - Rupal Shroff
- Noticee No.7 - TV Vision Limited (TVVL)
Full text
Adjudication order in respect of 7 entities in the matter of TV Vision Limited Page 2 of 70 (Regulation) Act, 1956 (“SCR Act”) with respect to the following Noticees for violations as mentioned in the following table no. 1. Table No. 1 Noticee No. Name Violations Alleged Attracted
Adjudication order in respect of 7 entities in the matter of TV Vision Limited Page 3 of 70 C. SHOW CAUSE NOTICE, REPLY AND HEARING 3. Show Cause Notice dated May 24, 2022 (“SCN”) was duly served upon the Noticees under Rule 4(1) of the SEBI Rules and under Rule 4(1) of SCR Rules to show cause as to why an inquiry should not be held and penalty be not imposed against the Noticees under the provisions of section sections 15G and 15HB of SEBI Act and under sections 23E and 23H of SCR Act.
Adjudication order in respect of 7 entities in the matter of TV Vision Limited Page 4 of 70 observed that, on September 27, 2017, an announcement was made by Noticee No. 7-TVVL about the credit rating downgrade of its long term loan facilities from CARE BBB- (SO) to CARE D. Prior to the announcement, the price of the scrip observed to have moved from an open price of Rs. 159.70 on September 01, 2017 to a close price of Rs.126.15 on September 27, 2017 i.e. the scrip registered a price fall of 21.01% in 19 trading days. Post the announcement, the price of the scrip moved from an open price of Rs. 120 on September 28, 2017 to a close price of Rs. 41.20 on October 31, 2017 i.e. the scrip registered a price fall of 65.67% in 22 trading days. Since the announcement was price sensitive coupled with fall in the price of the scrip, analysis was carried by NSE and it was observed from the sequence of events provided by TVVL, that there was a delay of 6 days in TVVL intimating the Stock Exchanges about the revised/ downgraded Credit Rating from the time of receiving the communication from CARE Ratings Limited, under Regulation 30 of SEBI (LODR) Regulations, 2015. The intimation was finally made to the Stock Exchange only on September 27, 2017. NSE observed that, one Rashesh Purohit sold 0.61 lakh shares on 05.09.2017 and on 18.09.2017 on NSE at an average price of Rs.160.30 per share in the pre-announcement period, thereby avoiding a notional loss of Rs. 31.59 lakhs. On the said days, R
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Source: SecMarx — sebi:Order/VV/PSS/NK/2022-23/25473-25479. 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.