sebi:WTM/PS/46/IVD/ID-04/MAR/2010
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Facts / Headnote
Noticee restrained from buying, selling or dealing in securities market or accessing securities market directly or indirectly for six months from date of order
Provisions invoked
- s. 11B
- s. 11
Regulations
- Reg. 11
- Reg. 4
- Reg. 13
- Reg. 4(a)
Parties
- Mr. Vrajeshkumar R. Patel
Holding
The noticee violated Regulation 4(a), (b), (c) and (d) of PFUTP Regulations by participating in circular/reversal synchronized trades creating artificial volume and price rise in OMML, and was restrained from the securities market for six months.
Full text
Page 2 of 9 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 9 with the reason that the account of the noticee has been closed. Pursuant to this, SEBI issued a press notification as a mode of substituted service on the noticee, requiring thereby, him to make submission if any within 15 days of publication. However, no response has been received till date. In view of this, I am compelled to proceed with the matter ex-parte, on the basis of material available on record, having complied with the principles of natural justice.
Page 4 of 9 trading days it went up to Rs.23.75. I note that, during this period only limited numbers of trades were there. Table – A Gross Purchase Gross Sales Broker Sub- Broker Major Ultimate Client Shares % Shares % Ashish P. Shah 10,000 23.53 27,500 64.71 Vrajesh Patel 3,000 7.06 0 0.00 P. Suryakant Shri Parshwa Finance Anil D. Modi 0 0.00 2,000 4.71 FMS Securities
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Source: SecMarx — sebi:WTM/PS/46/IVD/ID-04/MAR/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.