sebi:WTM/SM/ISD/13379/2021-22
Facts / Headnote
Interim ex-parte order restraining Entities 1 to 8 from buying, selling or dealing in securities directly or indirectly until further orders; permitting closure of open derivative positions within 3 months; impounding alleged wrongful gains of ₹13,58,80,440 pending investigation.
Provisions invoked
- s. 11(4)
- s. 19
- s. 12A
- s. 12
Regulations relied on
- SEBI (PIT) Regulations, 2015
- SEBI (PIT) Regulations, 2015 — 2(1)(g)
- SEBI (PIT) Regulations, 2015 — 2(1)(n)
- SEBI (PIT) Regulations, 2015 — 3(1)
- SEBI (PIT) Regulations, 2015 — 3(2)
- SEBI (PIT) Regulations, 2015 — 4(1)
Parties
- Entity no. 1 - Abhay Bhutada
- Entity no. 2 - Saumil Shah
- Entity no. 3 - Surabhi Kishore Shah
- Entity no. 4 - Amit Agrawal
- Entity no. 5 - Murlidhar Bagranglal Agrawal
- Entity no. 6 - Rakesh Rajendra Bhojgadhiya
- Entity no. 7 - Rakesh Rajendra Bhojgadhiya HUF
- Entity no. 8 - Abhijit Pawar
Holding
The order prima facie holds that Entity no. 1 (an insider with access to UPSI regarding the acquisition of a controlling stake in Magma Fincorp by RSHPL) communicated the UPSI to Entities 2, 6 and 8, who in turn communicated it to Entity 4, and that Entities 1 through 8 engaged in insider trading in the scrip of Magma during the UPSI period, warranting interim restraint and impoundment of alleged wrongful gains of ₹13,58,80,440.
Full text
__________________________________________________________________________________________ Interim Order in the matter of insider trading in shares of Magma Fincorp Limited (now known as Poonawalla Fincorp Limited) Page 1 of 46
__________________________________________________________________________________________ Interim Order in the matter of insider trading in shares of Magma Fincorp Limited (now known as Poonawalla Fincorp Limited) Page 2 of 46
__________________________________________________________________________________________ Interim Order in the matter of insider trading in shares of Magma Fincorp Limited (now known as Poonawalla Fincorp Limited) Page 3 of 46
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SM/ISD/13379/2021-22. 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.