sebi:WTM/PS/09/ID-06/May/11
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Facts / Headnote
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
Regulations
- Reg. 11
- Reg. 4
- Reg. 13
- Reg. 4(a)
Parties
- Shreepathy Investments
- Forsee Financial Consultancy Services Pvt. Ltd.
- Anjana Consultancy Services Pvt. Ltd.
Holding
The noticees (Shreepathy Investments, Forsee Financial Consultancy Services Pvt. Ltd. and Anjana Consultancy Services Pvt. Ltd.) were found to have violated Regulation 4(a), (b) and (d) of the PFUTP Regulations, 1995 read with Regulation 13 of the PFUTP Regulations, 2003, by colluding with MVS to corner the shares of WIL and thereby cause an artificial rise in its price, and were restrained from accessing the securities market for one year.
Full text
Page 2 of 8 ‘Anjana’) and Forsee Financial Consultancy Services Pvt. Ltd. (hereinafter referred to as ‘Forsee’), and thereby contributed to the price rise in the scrip of WIL. The acts of the above named entities appeared to be in violation of Regulation 4 (a), (b) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as the ‘PFUTP Regulations, 1995’).
Page 3 of 8 An abnormal upward movement in the price in the scrip of WIL was also noticed during this period. 8. I note that MVS along with certain entities/ individuals such as Shreepathy and T.Chandramouli (the authorized signatory of Shreepathy) dealt in the scrip at both the BSE and MSE. S.Shridharan and Sumathi Sridharan, the promoters of WIL were admittedly known to MVS. MVS had received 2,79,000 shares of WIL by way of allotment in the public issue.
Page 4 of 8 12. The entities who received funds either directly or indirectly through Shreepathy include: NAME OF THE CLIENT PURCHASES SALES Shreepathy Investments 2,01,400 91,800 Muthu Investments 2,00,300 93,200 Max Investments 1,99,600 1,18,200 Sri Lakshmi Associates 1,15,600 40,200 Vision Research & Securities 91,100 57,100 B. Arivukann 1,30,700 93,000 Shree Aishwarya Financial 25,100 18,300 G Uma 600 0 S Vaishnavi 46,600 46,500 Total 10,11,000 5,58,300
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Source: SecMarx — sebi:WTM/PS/09/ID-06/May/11. 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.