sebi:WTM/AB/IVD/ID16/04/2021-22
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Facts / Headnote
Noticees found in violation of Section 12A(d) & (e) of SEBI Act, 1992 and Regulation 4(1) read with 4(2) of PIT Regulations, 2015; directed to disgorge wrongful gains of Rs. 2,60,93,085.85, pay penalty, and restrained from securities market for 1 year and from dealing in IAL securities for 2 years.
Provisions invoked
- s. 11B
- s. 19
- s. 12A
- s. 62
- s. 61
- s. 11(2)
- s. 11
- s. 15G
- s. 15J
- s. 15F
- s. 30
- s. 11(5)
- s. 62(1)
- s. 102
- s. 11B(2)
Regulations
- Reg. 3
- Reg. 2(1)
- Reg. 5
- Reg. 4
- Reg. 4(1)
- Reg. 8
- Reg. 2(1)(d)
- Reg. 2(1)(g)
- Reg. 2(1)(n)
- Reg. 2(1)(g)(i)
- Reg. 12A
Parties
- Shah Dhiren Mahendrakumar (HUF) (Noticee no. 1)
- Amee Dhiren Shah (Noticee no. 2)
- Affluence Fincon Service (P) Ltd (Noticee no. 3)
- Infinium Motors (Gujarat) Pvt. Ltd. (IMGPL)
Holding
The Noticees (Dhiren Group) were found to be connected persons and insiders of Infibeam Avenues Limited who traded in its shares while in possession of unpublished price sensitive information (UPSI) regarding a proposed stock split, in violation of Regulation 4(1) of the PIT Regulations, 2015 and Section 12A(d) & (e) of the SEBI Act, 1992. They were directed to disgorge notional wrongful gains of Rs. 2,60,93,085.85 and restrained from the securities market for one year and from dealing in IAL securities for two years.
Full text
Final Order in the matter of Infibeam Avenues Limited Page 1 of 41 WTM/AB/IVD/ID16/04/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Infibeam Avenues Limited Page 2 of 41 appeal against the SEBI Impounding Order cum show cause notice dated August 24, 2020 and the Hon’ble Securities Appellate Tribunal, Mumbai (hereinafter referred to as “Hon’ble SAT”) vide its Order dated September 07, 2020, had set aside the SEBI Impounding Order dated August 24, 2020 except to the extent it called upon the appellants to show cause. The Hon’ble SAT, vide its Order dated September 07, 2020, inter alia, issued the following directions:
Final Order in the matter of Infibeam Avenues Limited Page 3 of 41 4. The brief facts leading to the issue of aforesaid SCN to the Noticees, as narrated in the SCN, are as under:
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Source: SecMarx — sebi:WTM/AB/IVD/ID16/04/2021-22. 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.