sebi:WTM/MPB/EFD1-DRA4/32/2019
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Facts / Headnote
Seven noticees restrained from accessing the securities market for two years and prohibited from buying, selling or otherwise dealing in securities for two years; show cause notice against Ms. Bhagwati Dalmia disposed of without any directions.
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Ms. Varsha Dipakbhai Dobariya
- Shri Nihal Siddharth Bhekare
- Shri Narshibhai Lakhabhai Dobariya
- Shri Arvind Babulalji Goyal
- Arrow Asia Stock Broking Limited
- Ms. Bhagwati Dalmia
- Shri Vimal Narshibhai Dobariya
- Shri Amitkumar Rameshbhai Sanghani
Holding
Seven connected group entities who traded amongst themselves in the scrip of Kausambi Vanijya Ltd. were found to have manipulated the price of the scrip in violation of Regulations 3(a)-(d) and 4(1), 4(2)(a), 4(2)(e) of the PFUTP Regulations, and were restrained from accessing the securities market for two years. The show cause notice against Ms. Bhagwati Dalmia was disposed of without any directions as she was given the benefit of doubt.
Full text
Order in the matter of Kausambi Vanijya Ltd. Page 2 of 21 Vanijya Ltd. to Golden Bull Research & Growth Ltd. on October 20, 2014. The company is listed only on BSE.
Order in the matter of Kausambi Vanijya Ltd. Page 3 of 21 SHOW CAUSE NOTICE 5. Consequent to the investigation, a show cause notice dated October 31, 2017 (hereinafter referred to as “SCN”) was sent to Ms. Varsha Dipakbhai Dobariya, Shri Nihal Siddharth Bhekare, Shri Narshibhai Lakhabhai Dobariya, Shri Arvind Babulalji Goyal, Arrow Asia Stock Broking Limited, Ms. Bhagwati Dalmia, Ms. Vimal Narshibhai Dobariya (hereinafter collectively referred to as “Noticees”) in the extant matter. The SCN inter alia alleged as follows: a) The Last Traded Price (hereinafter referred to as “LTP”) analysis of the 2 patches was done and the details of patch 1 is given below: LTP Analysis: Patch 1 - Price Rise – August 22, 2014 to December 31, 2014: During this patch, the scrip price opened at ` 52.50 reached a high of ` 305.70 and closed at ` 295 i.e., a rise of 461.90%. At the time of investigation, based on KYC details, off-market transfers, bank statements and MCA details, a group of 24 entities connected to the company were identified. The basis of connection table is placed as follows: Sr. No. PAN Entity Name Basis of Connection 1 ACMPD2599M Bhagwati Dalmia
Order in the matter of Kausambi Vanijya Ltd. Page 4 of 21 2. Wealthsmith Share Broking Private Limited is not a registered intermediary as per replies received from BSE and NSE. 8 DGOPS8751M Jamnadas Sheth
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Source: SecMarx — sebi:WTM/MPB/EFD1-DRA4/32/2019. 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.