sebi:WTM/MPB/EFD1-DRA4/10/2019
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee restrained from accessing the securities market for four years and prohibited from buying, selling or otherwise dealing in securities for four years; existing holdings frozen during the period of restraint.
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Abhijeet Chandrahas Asai
Holding
The Noticee was found to have manipulated the price of the scrip of Hasti Finance Ltd. and created a misleading appearance of trading by repeatedly placing buy orders for single share or minuscule quantities above the Last Traded Price, in violation of Regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a) and (e) of the PFUTP Regulations. He was restrained from accessing the securities market for four years.
Full text
Order in the matter of Hasti Finance Ltd. Page 2 of 18 entities in the scrip of HFL during the period August 27, 2010 to August 31, 2015 (hereinafter referred to as “Investigation Period”).
Order in the matter of Hasti Finance Ltd. Page 3 of 18 Investigation – Patch 5 *11/04/2013 to 31/03/2014 (price rise) Price 45.35 76.8 45.35 (11/04/2013) 80.9 (14/05/2013) 67.34 Volume 1 1 1 (11/04/2013) 7500 (13/09/2013) 11797 Investigation – Patch 6 **09/04/2014 to 31/08/2015 (price fall) Price 76.8 12.05 10.8 (29/07/2015) 76.8 (09/04/2014) 25.10 Volume 3 2 1 (05/05/2014) 24580 (13/08/2014) 746 Post Investigation 01/09/2015 to 30/11/2015 Price 12.05 15.49 10.93 (09/10/2015) 15.49 (30/11/2015) 13 Volume 20 18 1 (19/11/2015) 38838 (30/11/2015 2229 * no trading between April 6, 2013 to April 10, 2013 ** no trading between the period April 1, 2014 to April 8, 2014 SHOW CAUSE NOTICE
Order in the matter of Hasti Finance Ltd. Page 4 of 18 2 ABHIJEET CHANDRAHAS ASAI 43.45 5172 264 121.50 1014 70 -78.05 1765 151 2393 43 9.51 3 PARAG RAMESH KALWANKAR 37.80 3607 214 87.85 629 59 -50.05 1258 103 1720 52 6.88 4 VANMALA DWARPALAK 31.60 49893 208 40.2 12394 70 -8.60 6496 25 31003 113 3.15 5 SURENDER KUMAR SUNTWAL 29.15 54551 131 35.05 26868 74 -5.90 8666 6 19017 51 2.75 6 MIITESH CHUNILAL DESAI 24.10 38938 144 30.35 19244 67 -6.25 4073 19 15621 58 2.38 7 FAST TRACK MARKETING SERVICES PRIVATE LIMITED 19.40 55081 79 20.15 6218 17 -0.75 4453 4 44410 58 1.58 8 HIMADRI ACHARYA BHADURI 18.15 1664 25 19.85 54 5 -1.70 8 8 1602 12 1.55 9 RATNAPRABHA VASANTRAO JADHAV 17.20 22245 47 23.35 16024 24 -6.15 1533 9 4688 14 1.83 10 BABABHAI PARMAR MANUBHAI 16.75 1300 6 16.75 1300 6 0 0 0 0 0 1.31
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/MPB/EFD1-DRA4/10/2019. 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.