sebi:WTM/TCN/91/IVD3/DEC/08

SEBI · SEBI · 2005-08-31 · Dr. T.C. Nair, Whole Time Member

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Facts / Headnote

Shri Rajkumar Basantani debarred from accessing the securities market and prohibited from buying, selling or dealing in securities for five years; Panna Agrofine Pvt. Ltd., Jaitra Estate Developers Pvt. Ltd. and Born Free Finance Pvt. Ltd. debarred and prohibited for six months with immediate effect.

Provisions invoked

Regulations

Parties

Holding

Shri Rajkumar Chainrai Basantani, Panna Agrofine Pvt. Ltd., Jaitra Estate Developers Pvt. Ltd. and Born Free Finance Pvt. Ltd. created false and misleading appearance of trading through circular and synchronised trading in Soundcraft Industries Ltd. in violation of PFUTP Regulations and were debarred from the securities market for five years and six months respectively.

Full text

2 1.2 Shri Rajkumar Chainrai Basantani (hereinafter referred to as “Shri Basantani”) is the Chairman of the company and is also an individual trading member of NSE. He is also one of the Directors of Kolar Sharex Pvt. Ltd., member, BSE.

3 2.1 In view of the aforesaid findings of the investigation, a show cause notice dated August 31, 2005 was issued to the following entities advising them to show cause as to why suitable directions including directions restraining them from accessing the capital market and prohibiting them from buying, selling or dealing in securities for a specified period should not be issued against them under section 11 & 11B of the SEBI Act, 1992 read with Regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulation:

4 submitted that they have nothing to say on the matter. Other entities were granted another opportunity of personal hearing before me on November 22, 2006. The communications of these personal hearings were pasted on the last known address of thiese notices. However, they again chose not to attend the hearing and even did not make any correspondence in this regard. In light of the above, I have decided to proceed in the matter ex-parte against all the entities except Jaitra Estate on the basis of available records. 3.1 I have carefully considered the investigation report, the show cause notice issued to all the entities and

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Source: SecMarx — sebi:WTM/TCN/91/IVD3/DEC/08. 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.