sebi:WTM/RKA/EFD-DRA-II/06/2016
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Facts / Headnote
Noticees found to have violated PFUTP Regulations by synchronized/self trades creating artificial volume and price manipulation; restrained/prohibited from accessing securities market and dealing in securities for 5 to 7 years with set-off for prohibition already undergone pursuant to interim order dated February 02, 2011, to run concurrently with other SEBI orders; proceedings against Mr. Kishore Chauhan abated on death on May 29, 2013.
Provisions invoked
- s. 11B
- s. 11
- s. 24
- s. 11(4)
- s. 19
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
Holding
The connected Pabari-Parikh group entities executed synchronized and self-trades without change in beneficial ownership creating artificial demand/volume and price rise in the scrips in violation of regulations 3(a),(b),(c),(d), 4(1), 4(2)(a),(b),(e) and (g) of PFUTP Regulations, and were therefore restrained from the securities market for 5-7 years.
Full text
Order in the matter of Gemstone Investments Ltd. Page 1 of 30 WTM/RKA/EFD-DRA-II/06/2016 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Spectacle Infotek Limited Page 2 of 25 India Act, 1992 ("SEBI Act") and the Rules and Regulations made there under. The period of investigations were taken as from May 29, 2009 to April 30, 2010 (hereinafter referred to as "Investigation period SIL-1") and from May 01, 2010 to January 31, 2011 hereinafter referred to as "Investigation period SIL-2"). Investigation inter alia revealed that –
Order in the matter of Spectacle Infotek Limited Page 3 of 25 Thakkar Same address with sl. no.17. Sl. no. 17 is his nominee. Joint a/c with sl. no. 17. BR* with sl. no. 6, 11, 12, 19, 22, 27, 28 19, 27 4,
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Source: SecMarx — sebi:WTM/RKA/EFD-DRA-II/06/2016. 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.