sebi:SD/AO/19/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15H
- s. 15I
- s. 15J
- s. 15
Regulations
- Reg. 4
- Reg. 3
Parties
- M/s. Jagruti Securities Limited
Holding
The Noticee, Jagruti Securities Limited, was held to have violated Regulations 3(a), 3(c) and 4(1) of the PFUTP Regulations, 2003 by offloading holdings of JIKIL scrip while concealing identity through off-market transactions with other entities, and a penalty of Rs. 25,00,000 was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 23 4. JIKIL is a BSE and NSE listed company, which has its registered office at Pada No.3, Balkum Village, Thane (W) and its administrative office at 16, Gundecha Chambers, Ground Floor, Nagindas Master Road, Fort, Mumbai. It was incorporated way back in 1990, as part of the JIK Industries Group and it is an outcome of a merger between two companies viz., Krishna Finstock Ltd and its subsidiary Brown Bull Industries Limited. JIKIL is engaged in financial services and is a registered money changer with RBI. In 1997, it diversified into waste recycling by setting up a chemical waste recycling plant located at Thane district in Maharashtra.
Page 3 of 23 10. The last traded price (LTP) analysis done for the said period showed that there was no consistent pattern established and the price fall could not be attributable to any single trading member.
Page 4 of 23 the off-market transactions with the promoter/PAC entities as also amongst themselves: S. N o D P Name BO Id Client Name 1 Standard Chartered Bank 10264251 RAJENDRA GULABRAI PARIKH 2 Standard Chartered Bank 10299348 RAJENDRA G PARIKH 3 Standard Chartered Bank 10264235 JAGRUTI RAJENDRA PARIKH 4 Standard Chartered Bank 10444857 JAGRUTI R PARIKH 5 Stock Holding Corporation of India Ltd 16250083 JAGRUTI SECURITIES LTD 6 ABN AMRO Bank N. V. 10100536 AMEET PARIKH 7 Action Financial Services (India) Ltd 10112300 ASHOK BHAGAT 8 Action Financial Services (India) Ltd 10113394 RAJESH JAGANNATH PANCHAL 9 Action Financial Services (India) Ltd 10113409 RAVI BHAGWANDAS PANCHAL 10 Action Financial Services (India) Ltd 10113847 PRASHANT M. NARVEKAR 11 Action Financial Services (India) Ltd 10112406 PRAKASH A. D’SOUZA 12 Action Financial Services (India) Ltd 10112022 PRASAD SAKHARAM TANDEL 13 Action Financial Services (India) Ltd 10116136 RAJESH S TALEKAR 14 Action Financial Services (India) Ltd 10121628 SICORP FINLEASE LTD 15 Action Financial Services (India) Ltd 10000990 ENPEE ENTERPRISES PVT. LTD. 16 Global Trust Bank Ltd 10078939 SMITA JANAK THACKER 17 HDFC Bank Ltd 40058004 MAHENDRA KUMAR PATODIA 18 Infrastructure Leasing & Financial Services Ltd 10756957 SAYED MUSTAFA 19 Sahara India Financial Corporation Ltd 10045185 RAMESH CHANDRA K. JAIN 20 Sahara India Financial Corporation Ltd 10080087 VIPUL R. JAIN 21 Sahara India Financial Corporation Ltd 10080126 VIKAS GOURIHAR NARNAV
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Source: SecMarx — sebi:SD/AO/19/2009. 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.