sebi:WTM/SKM/54/201-22
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim ex-parte order restraining Noticees from dealing in securities, impounding bank accounts for INR 2,84,29,948, directing escrow deposit, asset freeze, asset inventory, and issuing show cause notice on penalty
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
- s. 12
- s. 15H
Regulations
- Reg. 3
- Reg. 200
Parties
- Himanshu Mahendrabhai Patel (Noticee no.1)
- Raj Mahendrabhai Patel (Noticee no.2)
- Jaydev Zala (Noticee no.3)
- Mahendrabhai Bechardas Patel (Noticee no.4)
- Kokilaben Mahendrabhai Patel (Noticee no.5)
- Avaniben Kirankumar Patel (Noticee no.6)
Holding
The Noticees prima facie violated SEBI Act, 1992 and PFUTP Regulations, 2003 by devising a scheme of buying shares in small cap scrips, issuing baseless bullish recommendations through a Telegram channel to induce subscribers, and then selling their pre-acquired shares at inflated prices for unlawful gains of INR 2,84,29,948. The Noticees are restrained from dealing in securities, their bank accounts impounded, and they are called upon to show cause on penalty.
Full text
__________________________________________________________________________________________ Interim Order in the matter of Stock Recommendations using Social Media channel (Telegram)
__________________________________________________________________________________________ Interim Order in the matter of Stock Recommendations using Social Media channel (Telegram)
__________________________________________________________________________________________ Interim Order in the matter of Stock Recommendations using Social Media channel (Telegram)
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Source: SecMarx — sebi:WTM/SKM/54/201-22. 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.