sebi:VSS/AO-02/2010
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Facts / Headnote
Allegations of fraudulent and unfair trade practices under PFUTP Regulations established; allegation of non-disclosure of shareholding under SAST Regulations 7(1A) and 7(2) not established; penalty of Rs. 50,00,000 imposed jointly and severally under section 15HA of SEBI Act.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 11
- Reg. 199
- Reg. 2
- Reg. 3(a)
- Reg. 7(3)
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 7(1)(A)
Parties
- Vivek Jain
- Rajkumar Jain
- Aditya Jain
- Kumud Jain
- Shivani Jain
- Advik Finance & Properties Private Limited
Holding
The Noticees violated regulations 3(a)-(d) and 4(1), 4(2)(a), (b), (e), (g) of the PFUTP Regulations, 2003 by engaging in synchronized trading and creating artificial volumes in the scrip of ALL, but the alleged violation of regulations 7(1A) and 7(2) of SAST Regulations, 1997 was not established. A penalty of Rs. 50,00,000 was imposed on the Noticees jointly and severally under section 15HA of the SEBI Act.
Full text
Page 2 of 33 2. SEBI observed that (a) promoters of ALL (including Aditya Jain, Divya Jain, Shakuntala Jain, Kumud Jain, Rajkumar Jain, Vivek Jain, Shivani Jain and Advik Finance and Properties Private Limited), (b) entities related to and/or associated with the promoters of ALL (including Amit Pandya, Chirag Pujara, Manish Pancholi, Manoj Bhatiya, Rajesh Ram and Thomas Kutty) and (c) brokers (including Mansukhlal Upadhyay (424), Systematix Shares and Stocks (India) Limited (182), Ajmera Associates Pvt. Ltd. (911), Parivar Finance & Investments Ltd. (193), Pilot Credit Capital Ltd. (909), S.P.J. Stock Brokers Private Limited (646) and Shailesh M. Nissar (707) {hereinafter collectively referred to as “Group”} dealt in the scrip of ALL allegedly in violation of the provisions of various regulations made under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 33 Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST”). APPOINTMENT OF ADJUDICATING OFFICER
Page 4 of 33 and Unfair Trade Practices) Regulations, 2003 and Regulations 7(1A) and 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
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Source: SecMarx — sebi:VSS/AO-02/2010. 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.