sebi:WTM/KV/ISD/ISD-SEC-4/31383/2025-26
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Facts / Headnote
Interim directions issued including restraint, bank/demat debit freeze and joint-and-several impounding of wrongful gains with 21-day show-cause for final directions including penalty and director/KMP restraint
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 27
- s. 11A
- s. 15
- s. 11C
- s. 29
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 2
- Reg. 1
Parties
- Madhav Stock Vision Pvt. Ltd. (Noticee No. 1)
- Jyotiswaroop Nandkishore Purohit (Noticee No. 2)
- Pankit Bhagwati Jhaveri (Noticee No. 3)
- Rajesh Bhagwati Jhaveri (Noticee No. 4)
- Ajay Sampatraj Jain (Noticee No. 5)
- Rajukumar Prabhu Damani (Noticee No. 6)
Holding
SEBI prima facie held that MSVPL (Noticee No.1) front-ran trades of the Big Client using non-public information supplied by Noticee Nos.2-3 to Noticee Nos.4-5 with facilitation by Noticee Nos.5-6, and ordered interim restraints plus joint-and-several impounding of INR 2,72,82,731.90 pending final hearing.
Full text
Order in the matter of front running by Madhav Stock Vision Pvt. Ltd. and Others Page 2 of 127 Table of Contents A. Background ............................................................................................................................. 3 B. Details of Noticees involved in the matter....................................................................... 6
Order in the matter of front running by Madhav Stock Vision Pvt. Ltd. and Others Page 3 of 127 A. Background 1. The present proceedings have emanated from an investigation conducted for the period from April 01, 2020 to December 01, 2023 (hereinafter referred to as “Relevant Period/ Investigation Period”) by the Securities and Exchange Board of India (hereinafter referred to as “SEBI”), to examine alleged front running of trades of the Big Client* by Madhav Stock Vision Pvt. Ltd. (hereinafter referred to as “MSVPL/ Noticee No. 1”), a registered stock broker and the role of Noticee nos. 2 to 6 in the said trading activities of the Noticee no. 1.
Order in the matter of front running by Madhav Stock Vision Pvt. Ltd. and Others Page 4 of 127 Table no. 1 Details of entities whose premises were searched by SEBI Sr. No. Name / Description Address Entities who are Noticees in this order 1 Jyotiswaroop Nandkishore Purohit (hereinafter referred to as Noticee no.2/SE#1) Residence: Manali, 4A/64-65, Evershine Nagar, Malad W, Mumbai 400064 Office No. B1, Ground Floor, Kemp Plaza, Mind Space, Malad West, Mumbai 400064 2 Rajesh Bhagwati Jhaveri (hereinafter referred to as Noticee no.4/ SE#2) Residence: A-603, Tulsi Niwas, Prabhat Colony, Opp. Hotel Galaxy, Road No 2, Santacruz East, Mumbai 400055 3 Ajay Sampatraj Jain (hereinafter referred to as Noticee no.5/ SE#3 Residence: Flat No. 21, 2nd Floor, Kshitij Building, 47 L Jagmohandas Marg, Nepean Sea Road, Mumbai 400006 Entities who are not Noticees in this order 4 Searched entity (4) (hereinafter referred as SE#4)
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Source: SecMarx — sebi:WTM/KV/ISD/ISD-SEC-4/31383/2025-26. 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.