sebi:WTM/GA/6/ISD/04/07
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Facts / Headnote
Ad-interim ex-parte direction that identified entities shall cease and desist and shall not buy, sell or deal on the day of listing of any securities till further directions; brokers directed to be cautious
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 4
Parties
- Latesh Chheda
- Viren Kenia
- Bhavin Chheda
- Chetan Rathod
- Neptune Fincot P Ltd
- Dhiren Pajwani
- RSS Investment Ltd
Holding
Pending investigation and final order, the identified entities were directed to cease and desist from imparting artificiality to the order book and were restrained from buying, selling or dealing on the day of listing of any securities till further directions.
Full text
Page 2 of 13 trading. It was found that certain entities had placed abnormally large orders of shares at prices much below prevailing market prices besides unusually revealing their large order quantities in full, while dealing in the shares of companies as given below: Table 1: List of Securities Sl Name of the company Date of listing Issue size(Rs)
Page 3 of 13 gets exhausted another fraction is revealed automatically for display purposes only, till the total quantity is exhausted. In the ‘market picture window’, only the revealed quantity is displayed in the best five orders as well as in the total depth of order book. Therefore, if fully revealed in one stroke, large orders would significantly sway the demand-supply balance in the market at that point in time. 1.6 The prima-facie findings on the basis of preliminary examination in the six scrips as referred above are given in the following paragraphs.
Page 4 of 13 Placement of Order 2.2. The following table gives the details of the large orders placed by the identified clients: Table 3: Details of the Orders Placed Client Name SYMBOL Exch Listing Date Total Buy
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Source: SecMarx — sebi:WTM/GA/6/ISD/04/07. 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.