sebi:WTM/KMA/IVD/214/01/2010
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Facts / Headnote
Restrained M/s. Shree Parshwa Finance, Mr. Vasant H. Bissa and Ms. Vaishali J. Shah from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, either directly or indirectly, for a period of three months with immediate effect.
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 11
- Reg. 4
- Reg. 4(a)
Parties
- Mr. Vasant H. Bissa
- Ms. Vaishali J. Shah
- M/s. Shree Parshwa Finance
Holding
The three noticees were held to have contravened Regulation 4(a), 4(b) and 4(d) of the PFUTP Regulations, 1995 in dealing in the scrip during the investigation period. They were restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities for three months.
Full text
Page 2 of 15 (on buy side) and 50% (on sell side). Instances of trade reversals/circular trading and placing of orders at higher prices were also noticed and the same were alleged to have impacted the price of the scrip. In view of the above, SEBI issued a common show cause notice dated December 31, 2007 inter alia to Mr. Vasant H. Bissa, Ms. Vaishali J Shah and M/s. Shree Parshwa Finance, alleging contravention of Regulation 4(a), 4(b) and 4(d) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as PFUTP Regulations). They were also advised to file their explanation within fifteen days and were further informed that if they failed to do so, suitable action would be taken, without any further reference. Though, Mr. Vasant H. Bissa filed an application for consent orders, the same was rejected. Mr. Vasant Bissa, Ms. Vaishali J Shah, and M/s. Shree Parshwa Finance shall henceforth be collectively referred as the noticees and individually by their respective names for purpose of this order. Though the show cause notices were served on the noticees, they had failed to reply. Thereafter, a personal hearing was granted to the noticees on February 13, 2009. Mr. Vinod Parekh, Advocate appeared and made submissions on behalf of Mr. Vasant H. Bissa (who was also present in the hearing). Though, the letters dated January 6, 2009 intimating the schedule of hearing to
Page 3 of 15 misleading public announcements) have been disposed of, vide order dated July 27, 2009, wherein the company and its directors, Mr. Saumil Patel and Mr. Ashutosh Bajpaye were restrained from accessing the securities market and also prohibited from buying, selling and otherwise dealing in the securities, either directly or indirectly, for a period of six months from the date of the order.
Page 4 of 15 had increased from Rs.72.90/- to Rs.78.95/- during the first three days of the settlement. On the first day of the said settlement (June 11, 2001), the share price increased by 7.98% of the previous day’s closing price. The said price rise was close to the upper circuit level. The circuit filter for the said scrip was reduced by BSE from 8% to 4% with effect from the next day. It is quite strange that the price fluctuations had occurred even when the volumes were low. It is noticed that Mr. Vasant H. Bissa had placed a buy order for 300 shares at the rate of Rs.73.40/- at 12.29.21 hrs. Out of the said order, 200 shares matched with the sell orders placed by other clients. The relevant extracts of the order and trade log are given below:
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Source: SecMarx — sebi:WTM/KMA/IVD/214/01/2010. 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.