sebi:WTM/PS/13/IVD/ID-04/NOV/09
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Facts / Headnote
Charges of violation of Regulation 4(a), (b), (c) and (d) of PFUTP Regulations established; Noticee restrained from buying, selling or dealing in securities market or accessing the securities market, directly or indirectly, for a period of six months from the date of this order.
Provisions invoked
- s. 11B
- s. 11
Regulations
- Reg. 11
- Reg. 4
- Reg. 13
- Reg. 4(a)
Parties
- Smt. Mona F. Shah
Holding
The Noticee, Smt. Mona F. Shah, was found to have indulged in circular/reversal trading in the scrip of OMML, creating artificial volume and contributing to price rise, in violation of Regulation 4(a), (b), (c) and (d) of the PFUTP Regulations. She is restrained from accessing the securities market for a period of six months.
Full text
Page 2 of 8 8, 2002, touched a high of Rs.37.95/- on July 9, 2002 and closed at Rs.35.50/- on July 9, 2002. After the period of investigation the price of the scrip went down to Rs.13/- as on July 26, 2002 (on face value of Rs.10/-). The company went for stock split of its shares from face value of Rs. 10/- per share to Re.1/- per share during the year 2003. The volume traded during the period of investigation was 6,45,492 shares in 64 days. During this period the Sensex index at BSE moved from 3,480 on April 8, 2002 to 3,356 on July 9, 2002.
Page 3 of 8 - No direct role in creating false market and not indulged in circular/ reversal trades in connivance with the brokers. - Small number of transactions during the period stated and without intention to carry out false volume in the market. - Had not done any off-market deal in the scrip of OMML. - Difficult to know as to how many other people are trading in the scrip on a given day and contributing to certain %age of total turnover.
Page 4 of 8 Ashish P. Shah 66,885 11.09 65,100 10.80 Mona F. Shah 5,000 0.83 48,919 8.11 Fenil M. Shah 6,500 1.08 Mona F. Shah 46,632 7.73 46,919 7.78 Archi Shares & Stock Brokers Pvt. Ltd Vrajesh Patel 1,05,414 17.48 1,10,155 18.27 Jaswantlal Vadilal Shah Piyush Jhavery (proprietor of Parshwa Finance) 54,700 9.07 54,700 9.07 Nrupesh C. Shah 77,350 12.83 77,650 12.88 ASE Capital Markets Rajesh Jhavery Rajesh N. Jhavery 11,451 1.90 6,400 1.06 Active Finstock
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Source: SecMarx — sebi:WTM/PS/13/IVD/ID-04/NOV/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.