sebi:WTM/TCN/113/IVD2/Jan/09
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Classic Consultancy restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, whether directly or indirectly for a period of six months
Provisions invoked
- s. 19
- s. 550
Regulations
- Reg. 11
- Reg. 3
- Reg. 4
- Reg. 6(a)
Parties
- Classic Consultancy
Holding
Classic Consultancy violated Regulation 4(b), (d) and Regulation 6(a) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 by indulging in circular trading in the scrip of Monalisa, and was restrained from accessing the securities market and prohibited from dealing in securities for six months.
Full text
2 2 The investigation revealed that during the relevant period the scrip was listed at the Bombay Stock Exchange (hereinafter referred to as “BSE”) and the Ahmedabad Stock Exchange (herein after referred to as “ASE”). In both these exchanges there was a concentrated trading activity in the scrip among certain related entities namely Shri Tushar S Jhaveri, Shri Sanjay R Shah, Classic Consultancy (the noticee herein), Orbit Securiites Limited and Shri Sanjiv Pravinchandra Shah. During the relevant period these related entities executed circular transactions in the scrip which was otherwise illiquid and created volume in the market.
3 6 I have carefully examined the investigation report, show cause notice, the oral and written submissions of the noticee and other material available on record.
4 It is interesting to note that Shri Sanjay R. Shah and Classic Consultancy share same address viz. E-101, Shubhalaxmi Tower, Opp. Sanghavi High School, Naranpura, Ahmedabad – 380 013.
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Source: SecMarx — sebi:WTM/TCN/113/IVD2/Jan/09. 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.