sebi:WTM/AB/EFD-I/DRA-I/38/2019-20
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Facts / Headnote
Noticees found to have violated Section 12A(a), (b) and (c) of SEBI Act and Regulations 3(a),(b),(c),(d) and 4(1) and 4(2)(a) and (b) of PFUTP Regulations; restrained from accessing securities market and prohibited from buying, selling or otherwise dealing in securities directly or indirectly or being associated with securities market for one year from date of order, with existing holdings including mutual fund units frozen during restraint.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 4
- Reg. 3
- Reg. 200
- Reg. 3(a)
Parties
- Shri Chiranjilal Jayram Vyas
- Shri Namdeo Harischandra More
- Shri Deendayal M. Bohara
- Shri Kishorilal Amrutlal Bissa
- Shri Jitendra Harivansh Joshi
- Shripal Shares and Securities Ltd.
- Shri Kishore Bhikaji Giri
Holding
The Noticees, while connected to each other, indulged in circular trading in the scrip of Sunteck Realty Ltd. via off-market transfers to transferees and buy-back on exchange, creating artificial volume, and thereby violated Section 12A(a),(b),(c) and PFUTP Regulations 3(a)-(d) and 4(1) and 4(2)(a),(b).
Full text
Order in the matter of Sunteck Realty Ltd. Page 2 of 23 connected to each other had carried out circular trading amongst themselves in the scrip of Sunteck Realty Limited (earlier known as Insul Electronics Limited) (hereinafter referred to as “Sunteck” or “the Company” or “SRL”) to create artificial volumes and influence the price of the scrip thereby violating Section 12A (a), (b) and (c) of the SEBI Act, 1992 and Regulation 3(a), (b), (c) and (d), 4(1) and 4(2) (a) and (b) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations 2003 (hereinafter referred to as “PFUTP Regulations”). Accordingly, the SCN called upon the Noticees to show cause as to why suitable directions under Sections 11B and 11(4) of the SEBI Act including restraining them from accessing the capital market and prohibiting them from buying, selling or dealing in the securities in any manner whatsoever for a particular period should not be issued against them.
Order in the matter of Sunteck Realty Ltd. Page 3 of 23 1. Off market transfers between Noticees between June to October 2007
Order in the matter of Sunteck Realty Ltd. Page 4 of 23 1. Complete Order Log and Trade Log in the scrip of Sunteck Realty Ltd. for the investigation period
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Source: SecMarx — sebi:WTM/AB/EFD-I/DRA-I/38/2019-20. 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.