sebi:WTM/SM/IVD/ISD_ISD/18586/2022-23
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Facts / Headnote
Ex-parte ad-interim order dated October 04, 2021 restraining entities from dealing in securities and impounding unlawful gains confirmed to continue pending investigation, with modification permitting Mr. Pandya to liquidate mutual fund holdings up to INR 1,00,000 per month; plea for defreeze/refund of INR 3,68,56,624 towards income-tax/brokerage rejected.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11B
- s. 12A
- s. 37(1)
Regulations
- Reg. 4(1)
- Reg. 3(a)
- Reg. 2(1)(n)
Parties
- Alpesh Vasanji Furiya
- Alpesh Vasanji Furiya (HUF)
- Manish Vasanji Furiya
- Manish V. Furiya (HUF)
- Alpa Alpesh Furiya
- Pradeep Baijnath Pandya
Holding
The prima-facie case of synchronized trading by Alpesh Group on advance non-public information of Mr. Pandya's impending CNBC Awaaz recommendations in violation of SEBI Act and PFUTP Regulations was not rebutted, so interim restraints and impoundment continue. Limited relief was granted to Mr. Pandya to meet day-to-day expenses.
Full text
Confirmatory Order in the matter of Trading of Alpesh Furiya and connected entities ahead of recommendations made by Pradeep Pandya, Anchor of various shows on CNBC Awaaz Page 1 of 55 WTM/SM/IVD/ISD_ISD/18586/2022-23 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 Alpesh Vasanji Furiya AAAPF0855A 2 Alpesh Vasanji Furiya (HUF) AALHA9417Q 3 Manish Vasanji Furiya AAAPF0856D 4 Manish V. Furiya (HUF) AALHM8457L 5 Alpa Alpesh Furiya ADPPD4355B 6 Pradeep Baijnath Pandya AIIPP0780C IN THE MATTER OF TRADING OF MR. ALPESH FURIYA AND CONNECTED ENTITIES AHEAD OF RECOMMENDATIONS MADE BY MR. PRADEEP PANDYA, ANCHOR OF VARIOUS SHOWS ON CNBC AWAAZ
Confirmatory Order in the matter of Trading of Alpesh Furiya and connected entities ahead of recommendations made by Pradeep Pandya, Anchor of various shows on CNBC Awaaz Page 2 of 55 "Alpesh Group". The examination of the material pertaining to their trades for the period between November 01, 2019 to January 13, 2021 ('Relevant Period'), along with related/adjacent periods and their comparative analysis with the stock recommendations given by Mr. Pradeep Pandya (hereinafter referred to as ‘Mr. Pandya’) on various shows on Business News channel CNBC Awaaz prima facie revealed that acts of trading of Alpesh Group were in violation of provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) and various regulations including Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) during the Relevant Period.
Confirmatory Order in the matter of Trading of Alpesh Furiya and connected entities ahead of recommendations made by Pradeep Pandya, Anchor of various shows on CNBC Awaaz Page 3 of 55 that Mr. Pandya had a strong presence amongst investor community during the Relevant Period.
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Source: SecMarx — sebi:WTM/SM/IVD/ISD_ISD/18586/2022-23. 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.