sebi:WTM/SM/IVD/ID5/16287/2022-23

SEBI · SEBI · 2011-12-15 · S K Mohanty, Whole Time Member

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Facts / Headnote

Violations found established against Noticees no. 1 to 10 under Section 12A(a),(b),(c) of SEBI Act, 1992 and regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a),(g) of PFUTP Regulations, 2003; directions issued restraining them from dealing in securities. Allegations against Noticee no. 11 not established; Noticee no. 11 warned to be careful in future.

Provisions invoked

• s. 19
• s. 12A

Regulations

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

Holding

Noticees no. 1 to 10 (Bharat Patel Group) were found to have violated Section 12A(a),(b),(c) of the SEBI Act, 1992 and regulations 3(a)-(d) and 4(1), 4(2)(a),(g) of the PFUTP Regulations, 2003 by executing synchronized trades that created a misleading appearance of trading in the scrip of Super Sales India Limited. The allegations against Noticee no. 11 (Nirshilp Securities Private Limited) were not established, and it was only warned.

Full text

Order in the matter of Super Sales India Limited Page 1 of 44 WTM/SM/IVD/ ID5/16287/ 2022-23 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: S K MOHANTY, WHOLE TIME MEMBER

Order in the matter of Super Sales India Limited Page 2 of 44 Background 1. An investigation was conducted by Securities and Exchange Board of India (for convenience “SEBI”) into the trading activities in the scrip of Super Sales India Limited (for convenience “SSIL / Company”) for the period of December 15, 2011 to October 09, 2014 (for convenience “Investigation Period”) for possible violation, if any, of the provisions of Securities and Exchange Board of India Act, 1992 (for convenience “SEBI Act, 1992”) and rules and regulations made thereunder.

Order in the matter of Super Sales India Limited Page 3 of 44 Table no. 2: Price-Volume movement in scrip of SSIL at NSE Period Dates Open Close Low High Total traded shares (Daily Avg.) Before Investigation Period 15-Sep-2011 to 14- Dec-2011 Price ₹ 186.15 136 122.00 (28-Nov-2011) 188.50 (19-Sep-2011) 75,853 (1,264) Vol 1 253 1 (2 instances) 14,533 (22-Sep-2011) During Investigation Period Patch 1 Rise 15-Dec-2011 to 16- Jan-2013 Price ₹ 133.05 267.90 123.00 (21-Dec-2011) 304.80 (16-Jan-2013) 803,035 (3,113) Vol. 488 277,591 1 (3 instances) 277,591 (16-Jan-2013) Patch 2 Fall 17-Jan-2013 to 11- Aug-2013 Price ₹ 269.00 155.10 155.10 (08-Aug-2013) 278.65 (21-Jan-2013) 467,688 (3,963) Vol. 3,281 60 2 (3 instances) 331,569 (14-Mar-2013) Patch 3 Rise 12-Aug-2013 to 12- Mar-2014 Price ₹ 165.00 460.55 156.10 (04-Sep-2013) 460.55 (12-Mar-2014) 412,608 (4,254) Vol. 1,305 8,585 1 (2 instances) 122,424 (05-Mar-2014) Patch 4 Fall 13-Mar-2014 to 31- Mar-2014 Price ₹ 450.2 390 387.00 (31-Mar-2014) 479.00 (13-Mar-2014) 74,740 (5,749) Vol. 1,008 1,364 1 (20-Mar-2014) 36,057 (28-Mar-2014) Patch 5 Rise 01-Apr-2014 to 28- Jul-2014 Price ₹ 389 449 386.00 (01-Apr-2014) 450.05 (09-May-2014) 284,267 (3,644) Vol. 293 388 5 (25-Jun-2014) 35,273 (11-Apr-2014) Patch 6 Fall 30-Jul-2014 to 09- Oct-2014 Price ₹ 444.45 339.95 319.90 (22-Aug-2014) 449.75 (31-Jul-2014) 142,364 (3,095) Vol. 15,622 309 12 (25-Sep-2014) 79,765 (31-Jul-2014) After Investigation period 10-Oct-2014 to 09- Jan-2015 Price ₹ 335.00 3

Source: SecMarx — sebi:WTM/SM/IVD/ID5/16287/2022-23. 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.