sebi:WTM/SM/IVD/ID10/22532-22532C/2022-23
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Facts / Headnote
Adjudication Officer orders exonerating the five Noticees held erroneous as not in interest of securities market and revised; Noticees held to have violated PFUTP Regulations and SEBI Act and monetary penalties imposed
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15I
- s. 15F
- s. 15T
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 3(a)
Parties
- Shailesh Lalman Ojha
- Sangita Pramod Harlalka
- Rajeev Garg
- Artiben S. Kansara
- Manisha Jayesh Shah
Holding
The Adjudication Officer orders were erroneous and not in the interest of the securities market and were revised under Section 15-I(3). The five Noticees violated regulations 3(a),(b),(c),(d) and 4(1),(2)(a),(e) of PFUTP Regulations and Sections 12A(a),(b),(c) of SEBI Act by manipulating the price of Radford Global Ltd. through miniscule sell trades contributing to positive LTP, and penalties of INR 50,000 each on four Noticees and INR 1,00,000 on Rajeev Garg were imposed.
Full text
Order in the matter of trading in the scrip of Radford Global Ltd. Page 2 of 36 detailed investigation in the matter was conducted by SEBI for the period February 27, 2012 to March 24, 2014 (hereinafter referred to as “Investigation Period”). In the meantime, vide three Confirmatory Orders dated October 12, 2015, March 18, 2016 and August 26, 2016, the directions given in the Interim Orders were inter-alia confirmed against 106 entities and interim directions were discontinued qua 16 entities. Further, vide Revocation Order dated November 10, 2015, direction given vide the Interim Order was revoked qua 1 entity.
Order in the matter of trading in the scrip of Radford Global Ltd. Page 3 of 36 Shailesh Lalman Ojha, Ms. Artiben S. Kansara and Ms. Manisha Jayesh Shah (hereinafter collectively referred to as “Noticees”) had sold the shares of the Company in very small quantities with a manipulative intent to increase the price of the scrip. Therefore, they had violated regulations 3(a), (b), (c) and (d) and 4 (1), (2) (a) and (e) of PFUTP Regulations and Sections 12A (a), (b) and (c) of SEBI Act. Further, it was found that the restraint undergone by Ms. Artiben S. Kansara (4 years), Ms. Manisha Jayesh (4 years) and Mr. Rajeev Garg (10 months) from accessing the securities market was commensurate with the violations committed by them and therefore, no further directions were imposed on them. The remaining two entities viz., Ms. Sangita Pramod Harlalka and Mr. Shailesh Lalman Ojha, were restrained from accessing the securities market and buying, selling or dealing in securities, either directly or indirectly, in any manner for a period of 6 months from the date of the Order.
Order in the matter of trading in the scrip of Radford Global Ltd. Page 4 of 36 Proceedings under Section 15-I (3) of the SEBI Act
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Source: SecMarx — sebi:WTM/SM/IVD/ID10/22532-22532C/2022-23. 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.