sebi:WTM/GM/EFD/DRA1/13919/2021-22
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Facts / Headnote
Violation established; Noticees restrained from the securities market for a period of one (1) year from the date of the order, with enforcement against Noticee Nos. 4 and 5 stayed per Bombay High Court order.
Provisions invoked
- s. 24
- s. 19
- s. 12A
Regulations
- Reg. 3
- Reg. 4
- Reg. 3(a)
- Reg. 4(2)(a)
Parties
- Konde (Mukesh Konde)
- Jadhav
- Waje
- Hetal Patel (Noticee No. 4)
- Noticee No. 5
- Noticee No. 6
Holding
The Buy-side Noticees (Konde, Jadhav, Waje) in collusion with the Sell-side Noticees (including Hetal Patel and Chetan Shah) executed synchronized trades on February 11, 2009 to provide an exit to the sellers without intent to meet pay-in obligations, and were restrained from the securities market for one year.
Full text
Order in the Matter of RTS Power Corporation Limited Page 1 of 36 WTM/GM/EFD/DRA1/13919/2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the Matter of RTS Power Corporation Limited Page 2 of 36 preliminary investigation that was carried out by SEBI on the complaints received from certain brokers - Networth Stock Broking Limited (Networth), Geojit Financial Securities Limited (Geojit), Dawnay Day AV Securities Private Limited (Dawnay Day) and Tata Securities Limited (Tata)(collectively referred to as ‘Buy-side Brokers’), all members of BSE Limited (BSE).
Order in the Matter of RTS Power Corporation Limited Page 3 of 36 4. It is noted from the records that, acting on the complaints that were received, BSE in consultation with SEBI, as a precautionary measure, directed the members having major net sales obligation in settlement No. 214/2008-2009 in the scrip of RTS to withhold the pay-out of the funds to their ultimate clients, pending completion of investigation in the matter. The details of the total pay-out withheld by BSE is given below,- Stockbroker Client Name Net Quantity Total Amount Withheld (Rs.) Anand Rathi Securities Pvt. Ltd. Chetan Shah 28,597 86,56,561 Indiabulls Securities Ltd. Hetal Patel 1,15,067 3,44,62,569 Active Finstock Pvt. Ltd. Sanjay Soni 20,979 62,74,717 India Capital Markets Pvt. Ltd. Sophia Growth 1,64,474 4,91,60,731 Total -- 3,29,117 9,85,54,578
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Source: SecMarx — sebi:WTM/GM/EFD/DRA1/13919/2021-22. 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.