sebi:WTM/PS/IVD/ID-2/12/OCT/2012
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Facts / Headnote
Directions issued vide the ad interim ex-parte Order dated December 28, 2011 against Ms. Lopa Saumil Bhavanagari confirmed; to remain in force till further directions.
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 3
Parties
- Ms. Lopa Saumil Bhavanagari
Holding
SEBI confirmed the ad-interim ex-parte directions dated December 28, 2011 prohibiting Ms. Lopa Saumil Bhavanagari from buying, selling or dealing in any securities, in any manner whatsoever, till further directions.
Full text
Page 2 of 5 the prima facie observations of the said investigation, SEBI vide an ad-interim ex-parte Order dated December 28, 2011 (hereinafter referred to as "the Interim Order") issued directions against TPL and certain others. Ms. Lopa, who was prima facie found to have violated the provisions of section 12A of the SEBI Act, regulations 3, 4(1), 4(2) (a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 in the matter, was prohibited from buying, selling or dealing in any securities, in any manner whatsoever, till further directions.
Page 3 of 5 g. Parklight Securities Limited (“Parklight”) is a registered sub-broker. It had borrowed Rs. 3.41 (crore) and Rs.1.5 (crore) from Nihita Financial Services Private Limited and Mr. Dharamsi Desai, respectively and had also borrowed from other parties during the same time to fund Ms. Lopa and Pinac Stock Brokers Private Limited ("Pinac"), to enable them to fulfill their settlement obligations;
Page 4 of 5 also note that trades of Ms. Lopa with Mr. Jivraj Zala were alleged to be structured trades. It was also noticed that Ms. Lopa indulged in reversal of trades with Mr. Jivraj Zala on both BSE and NSE. In BSE, Ms. Lopa bought 4,99,785 shares from Mr. Jivraj Zala and sold 3,50,000 shares back to him (approx. 71% reversal). In NSE, Ms. Lopa was found to have sold the entire quantity of 2,00,000 shares purchased from Mr. Jivraj Zala back to him (100% reversal). The investigation has also prima facie observed that the trades (sell orders) of Ms. Lopa had been structured with Swift Tie Up Private Limited (another entity which had allegedly provided exit to certain allottees in the IPO).
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Source: SecMarx — sebi:WTM/PS/IVD/ID-2/12/OCT/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.