sebi:WTM/PS/33/IVD/ID-04/DEC/09
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee found guilty of violating PFUTP Regulations; restrained from buying, selling or dealing in securities market for six months
Provisions invoked
- s. 11B
- s. 11
Regulations
- Reg. 4
- Reg. 11
- Reg. 13
- Reg. 47
Parties
- Mr. Piyush Jhaveri
Holding
The noticee, Mr. Piyush Jhaveri, was found guilty of violating Regulation 4(a), (b) and (d) of the PFUTP Regulations, 1995 read with Regulation 4(1), 4(2)(a), (b) and (g) of the PFUTP Regulations, 2003, by engaging in synchronized and reversal trades that created artificial volumes in the scrip of TTL. He was restrained from buying, selling or dealing in the securities market, directly or indirectly, for a period of six months.
Full text
Page 2 of 8 per share) on March 21, 2002 and closed at Rs.10.70 on April 29, 2002. The investigations prima facie revealed that the sales, net profit, total income of the company had reduced considerably for the year ended March, 2001, and quarter ended September, 2001. It was revealed that a group of clients and sub-broker had traded significantly and created large volumes in the scrip.
Page 3 of 8 In view of this, I am compelled to proceed with the matter ex-parte, on the basis of material available on record.
Page 4 of 8 has been committed. Further, he has argued that he was not aware of the counter-parties. I have seen the trading pattern of the noticee and the matching of his trades with others from the SCN and the negligible time difference in putting of the said orders. Looking at the consistency of these orders, I find no merit in the argument of noticee.
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/33/IVD/ID-04/DEC/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.