sebi:WTM/AB/EFD-1/DRA-1/09/2019-20
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Facts / Headnote
The order finds Noticees 1–19 guilty of violating Regulations 3(a)–(d), 4(1) and 4(2)(a) and (e) of the SEBI (PFUTP) Regulations, 2003, and states that directions are being passed. The supplied text omits the operative directions, so their nature and terms cannot be identified.
Provisions invoked
- s. 11
- s. 11(4)
- s. 15
- s. 19
- s. 11B
- s. 15H
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
Holding
The SEBI Whole Time Member found that the 19 Noticees acted in concert to manipulate the price of Ram Minerals and Chemicals Limited and create a misleading appearance of trading, in violation of the specified PFUTP Regulations. The order states that directions would follow, but the operative directions are not included in the supplied text.
Full text
Order in the matter of Ram Minerals and Chemicals Limited Page 2 of 50 that certain entities had used the stock exchange mechanism to generate Long Term Capital Gain Tax (hereinafter referred to as “LTCG”) and Ram Minerals is one of such scrips mentioned in the aforesaid letter. Therefore, SEBI conducted an investigation into the price manipulation in the scrip of Ram Minerals to ascertain possible violations of SEBI Act, 1992 and other regulations.
Order in the matter of Ram Minerals and Chemicals Limited Page 3 of 50 no. 17, Mr. Sanjay Mehta at their last known address through Speed Post/ Affixture, service of SCN was completed through newspaper publication on October 28, 2017. All the noticees except Noticee no. 5, Mr. Bharat Aman, Noticee no. 6, Delicious Diamonds Pvt. Ltd., Noticee no. 12, Ever Bright Trading Pvt. Ltd. and Noticee no. 14, Mr. Pradeep have filed their reply in the matter.
Order in the matter of Ram Minerals and Chemicals Limited Page 4 of 50 Girraj Kumar Gupta HUF 9.65 15 3 9.65 15 3 0.00 0 0 0 0 4.42 Rajesh Pravinkumar Jasani 8.05 44 5 8.05 23 3 0.00 0 0 21 2 3.69 Sarojbala Pravinkumar Jasani 6.95 9 3 6.95 9 3 0.00 0 0 0 0 3.19 Rajeev Kumar Ram Prasad Gupta 6.38 1105 29 6.38 141 21 0.00 0 0 964 8 2.93 Top 10 Entities Total 136.9 4 2827 97 136.94 1040 78 0.00 0 0 1787 19 62.78 Market Total 217.3 5 35551 885 460 218.12 59030 89 188 -0.77 130 454 68 21 1660 3328 251 100
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/09/2019-20. 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.