sebi:WTM/PS/07/IVD-2/OCT/09
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Facts / Headnote
Charges of violation of Regulation 4(1), 4(2)(a), (b), (e) and (g) of PFUTP Regulations established; Noticees restrained from buying, selling or dealing in securities market or accessing the securities market, directly or indirectly, for a period of one year from the date of the order.
Provisions invoked
- s. 11B
- s. 11
Regulations
- Reg. 11
- Reg. 4(1)
Parties
- Shri Kapil Bhuptani
- Shri Mahesh Bissa (Perk Investment Pvt. Ltd.)
- Shri Vasant H. Bissa
- Shri Mehul Shah
- Shri Tejas Ghelani
- Shri Sunil Kuril
- Shri Haresh Posnak
- Shri Vijay Rathod
- Shri Sunil Purohit
- Shri Dishank Shah
Holding
The Noticees were found to have indulged in circular/reversal trades in the scrip of Karuna, creating artificial volumes and influencing the price, in violation of Regulation 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations. They were restrained from accessing or dealing in the securities market for one year.
Full text
Page 2 of 14 referred to as ‘NSE’) was suspended with effective from October 06, 1999 for non-compliance of listing agreement.
Page 3 of 14 Regulation 4(1), 4(2) (a), (b), (e) and (g) of PFUTP Regulations. Accordingly, it called upon the Noticees to show cause as to why suitable directions under Section 11, 11B and 11(4) of SEBI Act read with Regulation 11 of PFUTP Regulations including restraining them from accessing the capital market and prohibiting from buying, selling or dealing in securities in any manner for a particular period should not be issued against them.
Page 4 of 14 the service report and find that the principles of natural justice have been duly complied with, and it appears that the Noticees are not interested in submitting their stand in the present proceedings. In view of this, I am compelled to proceed with the matter ex-parte, on the basis available on record, as against the Noticees who have neither replied to SCN nor appeared for hearing, having complied with the principles of natural justice.
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Source: SecMarx — sebi:WTM/PS/07/IVD-2/OCT/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.