sebi:WTM/MPB/EFD1-DRA4/12/2019
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Facts / Headnote
Noticees restrained from accessing the securities market and from buying, selling or otherwise dealing in securities for a period of four years from the date of the order; existing holdings frozen during the restraint period.
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Mr. Jayeshkumar Narottamdas Gandhi
- Ms. Bharati Jayesh Gandhi
- Mr. Deval Jayesh Gandhi
Holding
The Noticees were held to have manipulated the price of the scrip of Grandma Trading and Agencies Ltd. and created a misleading appearance of trading by executing 22 sell trades of miniscule quantity over the LTP during April 4, 2012 to June 12, 2013, thereby violating Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) and (e) of the PFUTP Regulations.
Full text
Order in the matter of Grandma Trading and Agencies Ltd. Page 2 of 18 Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) by certain entities in the scrip of GTAL during the period April 4, 2012 to March 13, 2015 (hereinafter referred to as “Investigation Period”).
Order in the matter of Grandma Trading and Agencies Ltd. Page 3 of 18 5. On the basis of price movement, 4 patches were identified. The open, high, low, close price of the scrip before, during the period of investigation are as under: Period Particulars Open High Low Close Avg. Volume per day Patch I April 4, 2012 – June 12, 2013
Order in the matter of Grandma Trading and Agencies Ltd. Page 4 of 18 During this period, the price of the scrip opened at ` 15, reached a high of ` 235.25 and closed at ` 234. An analysis of sellers during patch 1 was carried out. The following table illustrates the sellers to top 10 LTP contributors: Sl. no Seller Name Total No. of trade s (LTP >0) Total no. of
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Source: SecMarx — sebi:WTM/MPB/EFD1-DRA4/12/2019. 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.