sebi:WTM/PS/68/IVD/ID-10/FEB/2012
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Facts / Headnote
Noticees restrained from buying, selling or dealing in the securities market or accessing the securities market, directly or indirectly, for a period of two years from the date of the order.
Provisions invoked
- s. 11B
- s. 15I
Regulations
- Reg. 11
- Reg. 4(1)
Parties
- Ms. Bela Kayastha
- Mr. Samir P. Shah
- Ms. Falguni Shah
- Mr. Manoj T. Shah
- M/s Rajesh N. Jhaveri
- M/s V&S Intermediaries (Prop: Saumil Bhavnagari)
- Mr. Mangeram S. Sharma
- Mr. Dilip C. Jain
- Mr. Tejas Ghelani
Holding
The noticees indulged in synchronized reversal of trades in the scrip of Adani and were responsible for creating artificial volumes and prices, thereby violating Regulations 4(1), 4(2)(a), (b), (e), (g) and (n) of the PFUTP Regulations, 2003. They are restrained from dealing in the securities market for two years.
Full text
Page 2 of 23 volumes contributed by the persons who had traded in the scrip. The investigation prima facie revealed that certain entities had indulged in fictitious synchronized reversal of trades, which in turn had created the artificial volumes and contributed to the price rise in the scrip of Adani.
Page 3 of 23 9 Dilip C. Jain March 03, 2006 No reply 5. Subsequently, opportunities of personal hearing were granted to the noticees on July 12, 2006. On the scheduled date, none of the noticees appeared for the personal hearing. Further opportunities of personal hearing were granted to M/s Rajesh N. Jhaveri, Ms. Falguni Shah, M/s V & S Intermediaries, Ms. Bela Kayastha, Mr. Samir P Shah and Mr. Manoj T. Shah on December 16,
Page 4 of 23 Dilip C. Jain about the hearing. However, no one appeared for Mangeram S. Sharma and Dilip C. Jain. I have seen that sufficient opportunities have been granted to Ms. Falguni Shah, Manoj Shah, Mangeram S. Sharma, Dilip C. Jain and Tejas Ghelani to explain their case. In view of this, I am compelled to proceed with the matter ex-parte, as against these noticees, on the basis of the material available on record.
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Source: SecMarx — sebi:WTM/PS/68/IVD/ID-10/FEB/2012. 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.