sebi:WTM/SM/ISD/15646/2021-22
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Facts / Headnote
Interim findings sustained on prima facie basis; amounts deposited pursuant to Interim Order to remain in interest-bearing escrow account with lien in favour of SEBI until further orders, without prejudice to further action under securities laws.
Provisions invoked
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
Regulations
- Reg. 2
- Reg. 4(1)
- Reg. 2(1)
- Reg. 3(5)
Parties
- Abhay Bhutada
- Saumil Shah
- Surabhi Kishore Shah
- Amit Agrawal
- Murlidhar Bajaranglal Agrawal
- Rakesh Rajendra Bhojgadhiya
- Rakesh Rajendra Bhojgadhiya HUF
- Abhijit Pawar
Holding
The Whole Time Member held that the prima facie findings on UPSI, connected-person status, inter-se connections, calls, fund transfers and abnormal trading subsist, and directed that funds deposited in the interest-bearing escrow account remain with lien in favour of SEBI until further orders pending investigation.
Full text
Confirmatory Order in the matter of insider trading in shares of Magma Fincorp Limited (now known as Poonawalla Fincorp Limited) Page 1 of 62 WTM/SM/ISD/15646/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA CONFIRMATORY ORDER UNDER SECTION 11(1), 11(4) AND 11B (1) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 In respect of: Sr. No. Name of the Entity PAN 1 Abhay Bhutada AMIPB8540L 2 Saumil Shah AAGPS6395E 3 Surabhi Kishore Shah APQPS7611L 4 Amit Agrawal AEZPA0831J 5 Murlidhar Bajaranglal Agrawal AAYPA2130K 6 Rakesh Rajendra Bhojgadhiya AKRPB5208J 7 Rakesh Rajendra Bhojgadhiya HUF AARHR3479R 8 Abhijit Pawar AFPPP7465L
Confirmatory Order in the matter of insider trading in shares of Magma Fincorp Limited (now known as Poonawalla Fincorp Limited) Page 2 of 62 Limited (hereinafter referred to as ‘BSE’) and the above mentioned two stock exchanges are hereinafter collectively referred to as ‘the exchanges’.
Confirmatory Order in the matter of insider trading in shares of Magma Fincorp Limited (now known as Poonawalla Fincorp Limited) Page 3 of 62 possession of the UPSI. In this regard, it was noticed during SEBI’s examination that Mrs. Surabhi Kishore Shah (hereinafter referred to as “Surabhi / Entity no. 3”), Mr. Amit Agrawal (hereinafter referred to as “Amit / Entity no. 4”), Mr. Murlidhar Bajranglal Agrawal (hereinafter referred to as “Murli / Entity no. 5”), Mr. Rakesh Rajendra Bhojgadhiya (hereinafter referred to as “Rakesh / Entity no. 6”) and Rakesh Rajendra Bhojgadhiya HUF (hereinafter referred to as “Rakesh HUF / Entity no. 7”) have executed trades in the scrip of the Company during the period of UPSI and around the time when corporate announcement about the Acquisition Deal was made by the Company.
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Source: SecMarx — sebi:WTM/SM/ISD/15646/2021-22. 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.