sebi:WTM/RKA/ISD/21/2013
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Facts / Headnote
Restrained the 11 listed persons/entities from buying, selling or dealing in the securities markets, either directly or indirectly, in any manner, till further directions, with immediate effect, pending inquiry/investigation and passing of final order.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11(1)
- s. 12A
Regulations
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- Jigar Praful Ghoghari
- Kiran Bhiku Bhanaes
- Jinal Apurva Rawal
- Janak Chimanlal Dave
- Dilipkumar Pukhraj Jain
- Bhupesh Harishchandra Rathod
- Kishan Balaram Shigvan
- Kiran Madhusudan Sheth
- Shree Shagun Financial Services
- Oliwonders Financial Services Pvt Ltd
- Neevan Capial Markets Private Limited
Holding
Pending inquiry/investigation and passing of final order, the 8 Jigar Group entities and 3 Pabari-Parikh Group entities (SSFS, OFSPL, NCMPL) are restrained from buying, selling or dealing in the securities markets, either directly or indirectly, in any manner, till further directions.
Full text
2 Gemstone KGN 4. On examination of dealings in the scrips it was observed that following connected entities consistently executed trades amongst themselves in these scrips, created trading concentration, consistently executed orders at a price higher than the last traded price (hereinafter referred to as “LTP”) and also indulged in synchronised trades:- Table 2- List of Jigar Group Entities Sr. No NAME OF ENTITY PAN 1 Jigar Praful Ghoghari( Jigar) ASFPG8598L 2 Kiran Bhiku Bhanaes(Kiran Bhiku Bhanaes) AQUPB0853G 3 Jinal Apurva Rawal ( Jinal) ATHPR5041C 4 Janak Chimanlal Dave ( Janak) AEPPD9110D 5 Dilipkumar Pukhraj Jain ( Dilip) AACPJ5643C 6 Bhupesh Harishchandra Rathod*( Bhupesh) AACPR3785K 7 Kishan Balaram Shigvan ( Kishan) BAWPS1264D 8 Kiran Madhusudan Sheth ( Kiran Sheth) ALJPS1874Q * Bhupesh did not deal in the scrip of KGN 0 500000 1000000 1500000 2000000 2500000 3000000 0 5 10 15 20 25 No.of Shares Close Price 500 807.45 186.55 437.65 284.8 436.9 396.05 0 20000000 40000000 60000000 80000000 100000000 120000000 140000000 0 100 200 300 400 500 600 700 800 900 Total Turnover (Rs.) Close Price
3 5. It was observed that that these entities (hereinafter collectively referred to as 'Jigar Group') are connected to each other on the basis of KYC details, fund movement or combination of both. It was further observed that entities of Jigar Group are part of another identified group of entities viz. 'Pabari- Parikh Group' which have already been, inter alia, prohibited by SEBI vide order dated February 2, 2011 from buying, selling or dealing in securities market in any manner whatsoever. Such connections are determined on the basis of KYC details, fund transfers and publicly available sources:
4 respectively. The same numbers have been provided by Chirag Rajnikant Jariwala* also in his accounts to these two stock brokers. Kiran Bhanaes
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Source: SecMarx — sebi:WTM/RKA/ISD/21/2013. 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.