sebi:QJA/GR/IVD-2/ID24/30378/2024-25
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Facts / Headnote
Violations established; Noticees directed to disgorge ₹7,49,56,333 with 12% interest, restrained from securities market for 3 years, and each Noticee penalized ₹10,00,000 under Section 15HA
Provisions invoked
- s. 19
- s. 11B
- s. 12A
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 11(5)
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
Parties
- NNM Securities Pvt Ltd (Noticee No.1)
- Miker Financial Consultants Pvt Ltd (Noticee No.2)
- Vibhuti Commodities Pvt Ltd (Noticee No.3)
- Festino Vincom Limited (Noticee No.4)
- Nikunj Anilkumar Mittal (Noticee No.5)
Holding
The Noticees were found to have indulged in price and volume manipulation in the scrip of Bhatia Communications during the investigation period, violating Section 12A(a),(b),(c) of the SEBI Act and Regulations 3 and 4 of the PFUTP Regulations. They were directed to jointly and severally disgorge ₹7,49,56,333 with 12% interest, restrained from the securities market for 3 years, and each penalized ₹10,00,000 under Section 15HA.
Full text
Order in the matter of Bhatia Communications And Retail (India) Ltd. Page 2 of 35 Facts of the case 2. NNM Securities (Noticee No.1) is a SEBI registered Market Maker and Stock Broker. Bhatia Communications was an SME scrip, which was migrated to main board platform on September 12, 2020. Noticee No. 2, 3, 4 and 5 were the designated/nominated investors of Noticee No.1 i.e. they allocated funds to Noticee No.1 to invest in various SME stocks and manage it during the period when respective stock is available to trade in SME platform. In this way, they were assisting Noticee No.1 in discharging market-making obligations.
Order in the matter of Bhatia Communications And Retail (India) Ltd. Page 3 of 35 the SEBI Act, 1992 and SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 .
Order in the matter of Bhatia Communications And Retail (India) Ltd. Page 4 of 35 Patch – 1 14/7/2021 to 14/2/2022 Stock split / sub division of shares from Rs.10 to Rs.1 w.e.f. 15/2/2022 Patch – 2 15/2/2022 to 14/7/2022
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Source: SecMarx — sebi:QJA/GR/IVD-2/ID24/30378/2024-25. 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.