sebi:WTM/TCN/37/IVD/06/07
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Facts / Headnote
Agarwal Shares & Finance Pvt Ltd debarred from accessing the securities market and prohibited from buying, selling or dealing in securities, directly or indirectly, for a period of three months
Provisions invoked
- s. 11
- s. 11(4)
- s. 19
Regulations
- Reg. 4
- Reg. 4(a)
Parties
- Agarwal Shares & Finance Pvt Ltd
Holding
Agarwal Shares & Finance Pvt Ltd was found to be a party to market manipulation and creation of artificial liquidity in an illiquid scrip, in violation of Regulations 4(a), 4(b), 4(c) and 4(d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Related to Securities Markets) Regulations, 1995, and was debarred from the securities market for three months.
Full text
2 captioned company along with a handful of brokers had artificially created volumes in the scrip. 1.3 During the investigation period, it was observed that the price of the scrip rose from Rs.60 on July 31, 2000 to Rs.104 on December 15,
3 the stipulated period of 21 days, then it would be presumed that it had no explanations to offer in the matter and SEBI would be constrained to pass such orders specified in terms of the aforesaid Act and Regulations. The documents relied upon in support of the
4 Name of the Member Major Ultimate Client Purchase Sale Gross % age of Total volumes on the SE Net Bhagwandas Bhogilal & Co. Jatin R. Shah 126300 125900 252200 19.41 400 Ramaben Samani Finance Pvt. Ltd. Kishorkumar K. Vasa 114300 114300 228600 17.59 0
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Source: SecMarx — sebi:WTM/TCN/37/IVD/06/07. 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.