sebi:WTM/PS/ISD/01/2011
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Facts / Headnote
Withhold pay-out of securities and funds for trading on August 29, 2011; prohibit three named persons from buying, selling or dealing in the securities market until further directions
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Regulations
- Reg. 3
- Reg. 4
Parties
- Hemaliben Bimalkumar Mehta (Pan no. ACFPM2816F)
- Charuben Jitendrarai Mehta (Pan no. ADOPM4398N)
- Bhavana Gautambhai Vaghasiya (Pan no. AHNPV2981P)
Holding
SEBI's Whole-Time Member, pending investigation, directed BSE and NSE to withhold pay-out of securities and funds for trading on August 29, 2011, and prohibited Hemaliben Bimalkumar Mehta, Charuben Jitendrarai Mehta, and Bhavana Gautambhai Vaghasiya from buying, selling or dealing in the securities market until further directions.
Full text
2 3. August 27, 2011 being a holiday, these string of announcements or disclosures on the letter and press release sent by fax were disseminated on BSE website on Aug 29, 2011, at 8:13 hrs and 8:18 hrs. Further, on the same day during market hours at 14:24 hrs, Exchange disseminated a clarification it received from the company with reference to the earlier two announcements disseminated on BSE website. Bodal informed that it had not issued any Press Release on August 27, 2011 for said subject and the Company has not sent any fax on August 27, 2011. While going through the disclosures received by the company it is noted that while both the letters are written on the letter head purportedly of Bodal but the appearance of the letter heads are different. The genuineness of the fax sent on August 27, 2011 needs to be verified in the course of investigation.
3 Details of the price and volume during the day are tabulated below: Open (Rs) High (Rs) Low (Rs) Close (Rs) Volume (BSE / NSE) Whole day (Aug 29, 2011) 22.65 23.9 9:15:02 17.85 14:49:20 18.35
4 and had altogether sold 1,03,839 shares, out of which 71,683 shares were sold prior to the denial from the company. Further it was stated that the said entities are suspected to be part of an identified Group of entities Viz. Bhavesh Pabari Group. Several entities part of the said group have been barred by SEBI vide their order dated February 2, 2011. Hemaliben Mehta traded through MTL Share & Stock Brokers, which has the same director as Master Capital Services, member of NSE, through which Hemaliben Mehta was found to be trading in scrip of Bodal. Hiteshbhai Mansukhbhai Sarvaiya, another major net seller, sold 33,000 shares. The other major net seller on this day prior to the denial was Bhavanaben Vaghasiya from Rajkot Gujarat, who sold 53,055 shares @ Rs.22.43.
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Source: SecMarx — sebi:WTM/PS/ISD/01/2011. 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.