sebi:WTM/AB/IVD/ID2/22813/2022-23
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Facts / Headnote
Noticees directed to disgorge profits of Rs. 90,94,500/- with 12% interest, prohibited from dealing in VSL securities for one year, and each Noticee penalized Rs. 5,00,000 under Section 15HB of SEBI Act, 1992
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 19
- s. 11(1)
- s. 15H
- s. 15J
- s. 15
- s. 11(5)
- s. 2(51)
- s. 11B(2)
- s. 11B(1)
- s. 95
- s. 117(1)
- s. 117(3)
- s. 179(3)
Regulations
- Reg. 4
- Reg. 5
- Reg. 6(2)
- Reg. 7(2)
- Reg. 201
- Reg. 5(2)
- Reg. 9
- Reg. 9(1)
- Reg. 6
- Reg. 5(3)
- Reg. 9(3)
- Reg. 2(1)(c)
- Reg. 5(1)
- Reg. 9(7)
- Reg. 5(2)(v)
Parties
- Rakshit Mahendrabhai Shah HUF (Noticee No. 1)
- Rakshit Mahendra Shah (Noticee No. 2)
- Pinal Rakshitbhai Shah (Noticee No. 3)
- Veeram Securities Ltd.
Holding
The Noticees violated Clause 10 of Schedule B read with Regulation 9(1) of PIT Regulations, 2015 by executing contra trades within six months, and their claimed trading plans were invalid as they were not filed electronically with BSE and did not comply with Regulation 5 requirements. The Noticees were directed to disgorge Rs. 90,94,500/- with 12% interest, prohibited from trading VSL securities for one year, and each penalized Rs. 5,00,000 under Section 15HB.
Full text
Final order in the matter of Veeram Securities Ltd. Page 2 of 38 as “PIT Regulations, 2015”). The SCN called upon the Noticees to show cause as to why suitable directions including directions for disgorgement of wrongful gain of Rs.90,94,500/-, jointly and severally under Sections 11(4) and 11B (1) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”), and directions for imposing monetary penalty under Section 15HB read with Section 11(4A) and 11B(2) of the SEBI Act, 1992 should not be issued against the Noticees for the alleged violations mentioned above.
Final order in the matter of Veeram Securities Ltd. Page 3 of 38 Noticee no. 1 appeared in person and made submissions in the case. Hearing qua the Noticees was concluded on August 05, 2022
Final order in the matter of Veeram Securities Ltd. Page 4 of 38 Shah (hereinafter referred to as “Noticee No. 3”) from the quarter ended September 2017 to quarter ended March 2018.
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Source: SecMarx — sebi:WTM/AB/IVD/ID2/22813/2022-23. 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.