sebi:WTM/MB/IVD/ID1/7332/2019-20
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Five seller Noticees (Shaji Rajappan, Anil Kumar, Rajesh Patel, Gopal Chandra Agarwal, Manish Arora) found to have violated SEBI (PFUTP) Regulations, 2003 and restrained from accessing the securities market for six months; no directions issued against Shailesh Ghansham Parab and Mittal Share Brokers Pvt. Ltd.
Provisions invoked
- s. 19
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
- Reg. 8
Parties
- Shaji Rajappan
- Anil Kumar
- Rajesh Patel
- Gopal Chandra Agarwal
- Manish Arora
- Shailesh Ghansham Parab
- Mittal Share Brokers Pvt. Ltd.
Holding
The five seller Noticees violated Regulations 3(a),(b),(c),(d), 4(1), 4(2)(a),(e) of the SEBI (PFUTP) Regulations, 2003 by selling shares in miniscule quantities at the highest possible (circuit) price to manipulate the price of Vishvjyoti Trading Ltd., and are restrained from accessing the securities market for six months. No violation is established against Shailesh Ghansham Parab and Mittal Share Brokers Pvt. Ltd. as the material on record is insufficient to establish collusion.
Full text
Order in the matter of Vishvjyoti Trading Ltd. Page 2 of 47 for trading w.e.f. February 17, 2003 to March 01, 2012 on account of non- compliance with submission of quarterly results.
Order in the matter of Vishvjyoti Trading Ltd. Page 3 of 47 and bank account statements of all the sellers who had LTP contribution of more than 5% were observed and analyzed.
Order in the matter of Vishvjyoti Trading Ltd. Page 4 of 47 4.4. Before the trade on May 31, 2013 in which, for first time, Rajesh Patel appeared as a seller, all of the shareholding of the company was in physical form except for the shares issued during preferential allotment which were in lock in period.
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Source: SecMarx — sebi:WTM/MB/IVD/ID1/7332/2019-20. 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.