sebi:WTM/PS/16/IVD/ID-2/June/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Restrained Sudarshan Finvest Pvt. Ltd., Sahukar Finsec Pvt. Ltd. and Festival Secfin Pvt. Ltd. from buying, selling or dealing in the securities market for a period of one year from the date of the order.
Provisions invoked
- s. 11(4)
- s. 19
Regulations
- Reg. 11
- Reg. 4
Parties
- Sudarshan Finvest Pvt. Ltd.
- Sahukar Finsec Pvt. Ltd.
- Festival Secfin Pvt. Ltd.
Holding
SEBI held that Sudarshan Finvest Pvt. Ltd., Sahukar Finsec Pvt. Ltd. and Festival Secfin Pvt. Ltd. violated Regulations 4(a), (b) and (c) of the PFUTP Regulations, 1995 (corresponding provisions of the 2003 Regulations) by engaging in manipulative trading in the scrip of VML, and restrained them from buying, selling or dealing in the securities market for one year.
Full text
Page 2 of 7 observed that entities allegedly associated with VML had dealt in the scrip during the above periods. 4. The trading pattern of the scrip revealed that it was highly illiquid scrip. During the said investigation period, there were 3 instances wherein there was a gap of nearly one month between two trades in the scrip. Further, during this entire period of about six months, the scrip was traded only on 34 days for total of 52,100 shares. While the average traded volume per day works out to 1,530 shares, on 20 days less than 1000 shares were traded in each session. However the price of the scrip increased from Rs.440 to Rs.705 i.e. an increase of 60% in 34 trading days.
Page 3 of 7 passed against them for violation of Regulation 4 (a), (b) and (c) of the PFUTP Regulations, 1995. 8. The SCN dated August 08, 2003, issued to the aforesaid entities on the available address returned undelivered. Subsequently, personal hearing was granted thrice on October 27, 2006, July 06, 2007 and July 09, 2009. However, the notices for personal hearing also returned undelivered.
Page 4 of 7 communication to the bank, Inter World Fashions Ltd. had shown its address as 35-B, New Mandi, Muzaffar Nagar-251 001 and 33 LGF, Babar Road, New Delhi, the known address of Shri Ashok Agarwal and his brothers Shri Sandeep and Sanjeev Bansal.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/16/IVD/ID-2/June/2010. 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.