sebi:WTM/RKA/ISD/101/2016
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Allowed Ms. Minal Patel to transfer securities from joint beneficiary account no. 10564804 to another demat account exclusively held by her in her individual name
Parties
- Bharat J. Patel
Holding
Ms. Minal Patel is permitted to transfer securities from beneficiary account no. 10564804 maintained with DP IndusInd Bank Ltd. (DP Id: IN300159) held jointly with Mr. Bharat Patel to another demat account exclusively held by her in her individual name.
Full text
Order in the matter of Illiquid Stock Options in respect of Bharat J. Patel Page 2 of 5 ''On behalf of the appellant, Shri Neville Lashkri, learned advocate undertakes to submit relevant documents/ information to SEBI within a period of one week along with brief submissions. Learned counsel for SEBI states that Ld. WTM of SEBI would grant personal hearing to the appellant within a period of two weeks thereafter. After hearing the appellant, Ld. WTM shall pass appropriate order qua the appellant within three weeks thereafter.''
Order in the matter of Illiquid Stock Options in respect of Bharat J. Patel Page 3 of 5 Patel and Mr. Bharat Patel are joint beneficial owners of the securities lying in the aforesaid beneficiary demat account. (ii) Based on the submissions, it is difficult to ascertain the real owners of the securities lying in the joint beneficiary demat account. A perusal of the bank account statements provided by Ms. Minal Patel where incidentally Mr. Bharat Patel is a joint holder, it could not be reasonably inferred that the money utilized towards the purchase of securities were her own funds. There were substantial movements of funds to and from their personal bank accounts. (iii) Ms. Minal Patel failed to substantiate her claims that the securities lying in the aforesaid beneficiary account were purchased by her using her own funds and no benefit arising from the ownership/sale of securities was transferred to Bharat Patel.
Order in the matter of Illiquid Stock Options in respect of Bharat J. Patel Page 4 of 5 12. I note that Ms. Minal Patel has claimed that she is the actual owner of the securities lying in the joint beneficiary account with Mr. Bharat Patel. She has also claimed that payments towards the purchase of the securities lying in her joint beneficiary account with Mr. Bharat Patel was made through her own funds and that her income for all the years consists of long term/short term capital gains, dividend income, bank interest and PPF interest. In
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Source: SecMarx — sebi:WTM/RKA/ISD/101/2016. 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.