sebi:WTM/VKC/IVD/ID8/114/07
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Facts / Headnote
Noticees restrained from buying, selling and dealing or accessing the securities market for a period of one year
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 3
- Reg. 4(1)
- Reg. 11B
Parties
- M/s. Net Equity Broking Pvt. Ltd.
- M/s Enpee Enterprises Pvt. Ltd.
- Shri Sujal Shah
- Shri Atul Gandhi
- Ms. Anju Gandhi
- Shri Narendra Mistry
- Shri Pratik Shah
- Shri Rajkumar Masalia
Holding
The Noticees indulged in circular and synchronized trading in the scrip of Zigma Software Limited in connivance with stock brokers, creating artificial volumes and distorting market equilibrium, thereby violating Regulations 4(1), 4(2)(a), (b) and (g) of the PFUTP Regulations, 2003. They are restrained from buying, selling and dealing or accessing the securities market for a period of one year.
Full text
2 of 13 1. BSE conducted investigation in the scrip Zigma Software Limited (hereinafter referred to as ZSL) on witnessing sudden price rise along with concentration among few clients during August to November 2003 and sudden price fall with heavy concentration among few clients during May to June 2004. The period of investigation was August 01, 2003 to November 28, 2003 and May 07, 2004 to June 22, 2004. BSE observed the following:
3 of 13 5. Show cause notices dated November 13, 2006 were issued to the Noticees advising them to show cause as to why suitable directions under Regulation 11B and 11(4) of SEBI Act, 1992 and Regulation 11 of PFUTP Regulations, including restraining them from accessing the capital market and dealing in securities for a particular period should not be issued for the violations mentioned in paragraph no.4 above.
4 of 13 Shah. Shri Rajkumar Dinesh Masalia vide his letter dated March 06, 2007 filed a reply to the show cause notice. The said reply was again identical to the one filed by Shri Sujal C Shah and Shri Pratik C Shah.
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Source: SecMarx — sebi:WTM/VKC/IVD/ID8/114/07. 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.