sebi:WTM/AB/EFD-1/DRA-1/06/2018-19
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Facts / Headnote
Certificate of registration of the Noticee suspended for a period of six months
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 4
- Reg. 3
- Reg. 6
- Reg. 4(1)
- Reg. 28(2)
- Reg. 3(a)
- Reg. 9
- Reg. 23
- Reg. 28
- Reg. 25
- Reg. 27
- Reg. 28(1)
- Reg. 24(1)
- Reg. 4(2)(p)
Parties
- Vishal Vijay Shah
Holding
The Noticee, a BSE member, was found to have violated Section 12A(a),(b),(c) of the SEBI Act, Regulations 3(b),(c),(d), 4(1), 4(2)(p) of the PFUTP Regulations and Clause A(1) and (5) of the Code of Conduct under Schedule II read with Regulation 9 of the Stock Broker Regulations by creating false and fictitious records of purported trades for two unregistered persons. His certificate of registration was suspended for six months.
Full text
Order against Vishal Vijay Shah Page 2 of 23 2. During the course of investigation, it was noted that the trades in the accounts of certain entities viz. Ms. Laxmi Chaturvedi ('Laxmi'), M/s. Viraj Mercantile Private Limited ('Viraj'), M/s. Josh Trading Private Ltd. (‘Josh'), M/s. Pinky Auto Finance Limited ('PAFL), M/s. E Ally Consulting India Private Limited (‘E Ally’), M/s. Shree Jaisal Electronics and Industries Limited ('Jaisal’) and Mr. Bhavesh Gadhavi ('Bhavesh’) were in the nature of front-running the orders/trades of the "Sterling Group” and that the subsequent orders placed by the aforesaid entities matched almost completely with the orders placed by the Sterling Group.
Order against Vishal Vijay Shah Page 3 of 23 report in accordance with the provisions of the Intermediaries Regulations.
Order against Vishal Vijay Shah Page 4 of 23 Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and Clause A(1) and (5) of Code of Conduct under Schedule II read with Regulation 9 of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter referred to as “Stock Broker Regulations”). The Designated Authority submitted the Enquiry Report dated July 30, 2018 recommending for suspension of certificate of the Noticee for a period of six months.
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/06/2018-19. 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.