sebi:WTM/MSS/02/ISD/MAY/09
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Facts / Headnote
Noticees held liable and restrained from securities market for 1 year and directed to disgorge Rs.9,58,950 with 10% interest within 45 days, failing which further 5-year restraint
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 3
Parties
- Mr. Netanand Bhambu
- Netanand Surajram Bhambu-HUF
- Anand Netanand Choudhary-HUF
- Ms. Sarvani Choudhary
- Ms. Vinita A. Choudhary
Holding
The noticees were held to have violated Section 12A(a), (b) and (c) of the SEBI Act and Regulations 3 and 4(1) of the SEBI PFUTP Regulations for cornering shares meant for RIIs in the Nandan and FCS IPOs through prior understanding with the key operator. They were restrained from the securities market for one year and directed to disgorge Rs.9,58,950 with 10% per annum interest from listing till payment.
Full text
2 of 7 2. The noticees submitted their replies to the SCN and availed an opportunity of personal hearing before the then Whole Time Member on March 21, 2007. While further proceedings in the matter were in process, the noticees, vide application dated January 31, 2008, applied to SEBI for settlement of the pending proceedings through a consent order. SEBI, however, vide letter dated July 07, 2008 declined to settle the matter through consent order. I, therefore, now proceed to dispose of the matter on merits.
3 of 7 6. I have carefully considered the ad-interim ex-parte order dated April 27, 2006, the SCNs dated December 01, 2008, the reply dated December 22, 2008 and the submissions made during the personal hearing on March 17, 2009.
4 of 7 when the price opened and closed at Rs. 44.75 and Rs. 39.40 respectively. During the relevant period (June 13, 2005 to June 16, 2005), the price of Nandan shares moved in the range of Rs.64.90 to Rs.38.70. One noticee received 2200 FCS shares at Rs.130 on the date of listing, i.e., September 21, 2005, when the issue opened and closed at Rs.150 and Rs.179.10 respectively.
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Source: SecMarx — sebi:WTM/MSS/02/ISD/MAY/09. 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.