sebi:WTM/SM/IVD/ID2/15010/2021-22

SEBI · SEBI · 2015-05-26 · S K Mohanty, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Noticee found in violation of Section 12A(a),(b),(c) of SEBI Act, 1992 and Regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a),(e),(g) of PFUTP Regulations, 2003; restrained from accessing the securities market and from buying, selling or otherwise dealing in securities for a period of 6 months; existing holdings frozen during the period of restraint.

Provisions invoked

• s. 19
• s. 11(1)
• s. 12A

Regulations

• Reg. 3
• Reg. 4
• Reg. 4(1)
• Reg. 200
• Reg. 3(a)

Parties

• Jinesh Devendra Bhatt (AKDPB6133C)

Holding

The Noticee was held to have violated Section 12A(a),(b),(c) of the SEBI Act, 1992 and Regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a),(e),(g) of the PFUTP Regulations, 2003 by engaging in reversal trades and trades contributing to positive LTP and NHP in the scrip of Synergy Bizcon Limited. He was restrained from accessing the securities market and dealing in securities for 6 months.

Full text

Order in the matter of Synergy Bizcon Limited (now known as Panth Infinity Limited) Page 1 of 25 WTM/SM/IVD/ ID2/15010/ 2021-22

Order in the matter of Synergy Bizcon Limited (now known as Panth Infinity Limited) Page 2 of 25 Table no. 1: Price-Volume movement in scrip of Synergy Period No. of Tradi ng days Price & Vol Opening price (volume) on first day of the period (₹ ) Closing price (volume) on last day of the period (₹ ) Lowest price (volume) during the period (₹ ) Highest price (volume) during the period (₹ ) Total Volume (Avg. no. of shares traded daily during the period) Patch-1 (26.05.2015 to 03.10.2016) 337 Price 49.99 317.75 49.99 418 18195025 (53991.17) (26.05.2015 ) (03.10.2016) (26.05.2015) (03.10.2016) Volu me 1009 73861 5 188166 (26.05.2015 ) (03.10.2016) (27.05.2015) (11.06.2016) Patch-2 (04.10.2016 to 14.10.2016) 7 Price 254.2 183 183 254.2 3415 (488) (04.10.2016 ) (14.10.2016) (14.10.2016) (04.10.2016) Volu me 2667 11 7 2667 (04.10.2016 ) (14.10.2016) (10.10.16) (04.10.2016)

Order in the matter of Synergy Bizcon Limited (now known as Panth Infinity Limited) Page 3 of 25 Investigation Period, which were prima facie non-genuine in nature and had resulted into creation of misleading appearance of trading in the scrip of the Company. c) During the Patch-1 of the Investigation Period, the price of the scrip opened at ₹ 49.99 on May 26, 2015 and moved to ₹ 418 and closed at ₹ 317.75 on October 03, 2016 with creation of a net positive Last Traded Price (for convenience “LTP”) of ₹ 267.76 and a total market positive LTP of ₹ 6572.3. d) It was observed that during the Patch-1 of the Investigation Period, 8961 trades executed by the connected group entities amongst each other, resulted in contribution of the positive LTP of ₹ 2454.3 (37.34 % of total market positive LTP) in the scrip of the Company. It was further observed that out of the afore- stated 8961 trades, Noticee was a counterparty seller in 461 such trades which resulted into contribution of the positive LTP of ₹ 111.40 (1.69 % of total market positive LTP) in the scrip of the Company during the Patch-1 of the Investigation Period. e) From the analysis of New High Price (for convenience “NHP”), it was revealed that out of 561 trades that resulted into establishing of NHP in the price of the scrip of Company during the Patch-1 of the Investigation Period, connected group entities were found to have contributed to NHP in 365 instances. The contribution of the connected group entities in establishi

Source: SecMarx — sebi:WTM/SM/IVD/ID2/15010/2021-22. 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.