sebi:WTM/PS/71/IVD/ID-04/JAN/2011
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Facts / Headnote
Restrained Mr. Gautam Jhaveri 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
- s. 19
Regulations
- Reg. 4
- Reg. 11
- Reg. 4(a)
- Reg. 4(1)
Parties
- Mr. Gautam Jhaveri
Holding
The noticee was found guilty of violating Regulation 4(a), (b) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 by indulging in synchronized and reversal trades that created artificial volume in the scrip of TTL, and was restrained from dealing in the securities market for one year.
Full text
Page 2 of 7 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 entities had traded significantly and created large volumes in the scrip.
Page 3 of 7 meantime noticee vide his letter dated June 21, 2010 filed reply to the SCN and submitted that apart from the reply to the SCN he had nothing more to say. Taking note of the same, I am proceeding with the matter on the basis of the material available on record.
Page 4 of 7 vide his reply that Piyush Jhaveri was not his cousin. However, I find no merit in this argument of the noticee, as he himself submitted to SEBI, in a statement recorded on October 29, 2004, had admitted this fact. I note from the investigation that the noticee was also the proprietor of M/s. Rajesh N. Jhaveri, a sub-broker of ASE Capital Market Ltd.
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Source: SecMarx — sebi:WTM/PS/71/IVD/ID-04/JAN/2011. 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.