sebi:WTM/KMA/IVD/208/01/2010
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Facts / Headnote
Interim directions confirmed against all six noticees; not revoked or modified at this stage.
Provisions invoked
- s. 11(4)
- s. 19
Parties
- Ms. Surabhi Jain
- Ms. Samata Jain
- Beejay Investment & Financial Consultants Private Limited
- Mr. Sudhir Jain
- Stupendors Traders Private Limited
- Amar Packagings Private Limited
Holding
The interim directions issued against Ms. Surabhi Jain, Ms. Samata Jain, Beejay Investment & Financial Consultants Private Limited, Mr. Sudhir Jain, Stupendors Traders Private Limited and Amar Packagings Private Limited under the ad-interim ex-parte order dated June 4, 2009 are confirmed and need not be revoked or modified at this stage.
Full text
Page 2 of 14 their objections to the Order and the same are considered in the later part of this order. 2. An opportunity of personal hearing was granted to Ms. Surabhi Jain, Ms. Samata Jain (on July 21, 2009) and Amar Packagings Private Limited (on July 28, 2009). Mr. Vinay Chauhan, Advocate appeared on their behalf. The learned counsel reiterated the objections made by Ms. Surabhi Jain, Ms. Samata Jain (vide separate letters dated June 18, 2009) and Amar Packagings Private Limited (vide letter dated June 27, 2009). Stupendors Traders Private Limited filed its objections, vide letter dated June 18, 2009. Subsequently, an opportunity of personal hearing was granted to it on July 28, 2009, when Mr. Balveer Singh Choudhary, Advocate, appeared on its behalf and made submissions on the lines of the objections made by it. Beejay Investment & Financial Consultants Private Limited and Mr. Sudhir Jain filed their objections, vide letters dated July 6, 2009 and July 13, 2009, respectively. They were granted an opportunity of hearing on August 20, 2009, when Mr. Ajai Fernandes, Advocate represented them. The learned advocate reiterated the submissions made by Beejay Investment & Financial Consultants Private Limited and Mr. Sudhir Jain in their respective replies. Further, Beejay Investment & Financial Consultants Private Limited and Mr. Sudhir Jain filed written submissions, vide separate letters dated September 3, 2009.
Page 3 of 14 the ex-parte order dated June 4, 2009 and the prima facie role of the aforesaid persons/entities in respect of the alleged market manipulation have been explained in detail in the said order. The preliminary findings led to a prima facie inference that the acts of connected clients (as defined in the Order) had caused increased market traded volume and such increased traded volume would have induced other genuine investors to deal in such securities.
Page 4 of 14 mentioned in the Order) during the same period, were also seen to have sold substantial shares of TFL. Majority of these were purchased by ABN Amro Bank NV. Such similarity in the trading behaviour exhibited by the connected clients in selling the shares at the same time, gives rise to an inference that they were acting in concert.
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Source: SecMarx — sebi:WTM/KMA/IVD/208/01/2010. 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.