sebi:WTM/AB/IVD/ID5/13727/2021-22
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Facts / Headnote
Noticee nos. 2 to 6 restrained from accessing/dealing in securities market for one year and imposed penalty of Rs. 10 lakh each; proceedings against Noticee no. 1 abated on death on May 29, 2021.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12A
- s. 15H
- s. 15A
- s. 11B(2)
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 13(1)
- Reg. 13(3)
- Reg. 4(2)
- Reg. 4(1)
- Reg. 4(2)(a)
- Reg. 3(a)
- Reg. 13(5)
Parties
- Mr. Bharat Jayantilal Patel
- Mr. Minal Bharat Patel
- M/s. Pasha Finance Private Limited
- Mr. Ruchit Bharat Patel
- M/s. Pat Financial Consultant Private Limited
- M/s. Hridaynath Consultancy Pvt. Ltd.
Holding
Noticee nos. 2 to 6 violated Section 12A of SEBI Act read with Regulations 3(a), 4(1) and 4(2)(a) of PFUTP Regulations by executing synchronized trades creating misleading appearance of trading, and were restrained for one year and fined Rs. 10 lakh each; case against Noticee no. 1 abated due to death.
Full text
Synchronized trading in the matter of Asian Granito India Ltd. Page 1 of 19 WTM/AB/IVD/ID5/13727/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Synchronized trading in the matter of Asian Granito India Ltd. Page 2 of 19 of the SEBI Act, 1992, for alleged violation of Regulation 13(1) and Regulation 13(3), readwith Regulation 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘PIT Regulations, 1992’) (since repealed).
Synchronized trading in the matter of Asian Granito India Ltd. Page 3 of 19 NSE: c. Details of price & volume movement at NSE: Table 3 Period Dates Open Close Low High Total traded shares (Daily Avg.) Before Investigat ion Period 15-Sep-2011 to 14-Dec-2011 Price 44 36.1 31.15 (30-Nov-2011) 45.55 (26-Oct-2011) 1,03,961 (1,824) Vol
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Source: SecMarx — sebi:WTM/AB/IVD/ID5/13727/2021-22. 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.