sebi:WTM/TCN/38/IVD3/06/07
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Facts / Headnote
Debarred from accessing the securities market and prohibited from buying, selling or dealing in securities, directly or indirectly, for a period of six months
Provisions invoked
- s. 11
- s. 24
- s. 11(4)
- s. 15
- s. 19
Regulations
- Reg. 4
Parties
- Shri Heerachand Salecha
Holding
Shri Heerachand Salecha was found to have violated Regulations 4(a), (b), (c) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 by acting as the mastermind behind creation of artificial volumes and market manipulation in the illiquid scrip of Gujarat Fiscon Ltd, and was debarred from accessing the securities market for six months.
Full text
2 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 Regulations, 1995. It was also mentioned that if he failed to submit any reply within the stipulated period of 21 days, then it would be presumed that he 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 allegations contained in the show cause notice were also annexed with the notice. 2.2 However, no reply was received from Shri Salecha. An opportunity of personal hearing was granted to Shri Salecha before me on September 26, 2006 and October 09, 2006. However, I note that on both the occasions Shri Salecha did not attend the hearing and even did not make any correspondence in this regard.
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/38/IVD3/06/07. 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.