sebi:WTM/RKA/ISD/143/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Ad interim ex-parte order restraining 15 sellers from accessing the securities market and buying, selling or dealing in securities, directly or indirectly, pending investigation; investigation to be expanded to cover the entire scheme including the role of the RTA
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
Holding
The 15 sellers prima facie engaged in fraudulent and manipulative trading in the scrip of Radford Global Limited by controlling supply through miniscule sequential sales while large buy orders existed, in contravention of PFUTP Regulations 3(a)-(d), 4(1), 4(2)(a),(b),(e) and section 12A(a),(b),(c) of the SEBI Act, 1992. Pending investigation, they are restrained from accessing the securities market and dealing in securities.
Full text
Order in the matter of Radford Global Limited Page 2 of 23 3. Further, during the examination, upon an analysis of the order-log and trade-log the selling behaviour/ pattern of 15 sellers (hereinafter collectively referred to as "sellers") prima facie appeared to be suspicious. It was observed that price of the scrip was influenced by these sellers while trading in the scrip of Radford by selling either miniscule number of shares per day with very less quantity vis-à-vis their shareholding or by controlling the trade volume of the scrip. The selling pattern of these sellers is exemplified in the table below:
Order in the matter of Radford Global Limited Page 3 of 23 MANISHA JAYESH SHAH 28/05/2012 1 1 999 07/06/2012 1 1 998 15/06/2012 1 1 997 18/06/2012 1 1 996 19/06/2012 1 5 995 21/06/2012 1 1 990 22/06/2012 2 2 989 26/06/2012 3 3 987 27/06/2012 4 4 984 28/06/2012 5 5 980 29/06/2012 6 6 975 01/08/2012 1 1 969 03/08/2012 1 1 968 08/08/2012 1 1 967 Total 30 34
Order in the matter of Radford Global Limited Page 4 of 23 24/01/2013 1 5 70 25/01/2013 1 5 70 28/01/2013 1 5 65 Total 29 550
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Source: SecMarx — sebi:WTM/RKA/ISD/143/2015. 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.