Bharat J. Patel

7 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Penalty reduced to Rs.5 lakh on Pat and Rs.7.5 lakh on Gandiv under Section 15HA
Impugned WTM order barring appellants from securities market for 2 years quashed and set aside
Penalty on Pat reduced to Rs 5 lakh under Section 15HA
Penalty on Gandiv reduced to Rs 7.5 lakh under Section 15HA
Findings of SEBI against appellant for FUTP and Stock Brokers Regulations violations upheld

SAT-appeal

SAT matter SATV-139672E5A28165903D5DDF70
No interim relief granted to permit access to the securities market. · SEBI to file reply within two weeks from 26 June 2020.
Appeal: Appeal (L) No. 158 of 2020, heard on 26 June 2020; reply and rejoinder directed, final disposal listed for 22 July 2020
Manipulation of Ponni Sugars (Erode) Ltd scrip price by placing buy orders above LTP, significantly contributing to positive LTP and new high price.
Violation of Regulation 3 and 4 of PFUTP Regulations upheld · Penalty reduced to Rs.5 lakh on Pat and Rs.7.5 lakh on Gandiv under Section 15HA
Appeal: Appeal Nos.621 and 622 of 2022 disposed on 15 September 2025; prior Appeals 228-229 of 2019 remanded on 06 October 2021
Circular trades among connected Bharat Patel group entities constituting 21.10% NSE and 25.27% BSE volume, creating misleading appearance of trading without change in ownership at group level.
Appeal allowed without any order as to costs · Impugned WTM order barring appellants from securities market for 2 years quashed and set aside
Appeal: Appeal No.154 of 2020 allowed and disposed on 08.09.2020 (reserved on 22.07.2020)
Price manipulation of Ponni Sugars (Erode) Ltd scrip by placing buy orders above LTP, significantly contributing to positive LTP and new high price (NHP).
Upheld violation of Regulations 3 and 4 of PFUTP Regulations · Penalty on Pat reduced to Rs 5 lakh under Section 15HA
Appeal: Appeal Nos. 621 and 622 of 2022 decided 15 September 2025; prior Appeals 228-229 of 2019 remanded vide SAT order dated 6 October 2021
Stock broker failed to maintain higher standards of integrity by participating in synchronized/structured trades in Roofit Industries Ltd facilitating promoter financing.
Findings of SEBI against appellant for FUTP and Stock Brokers Regulations violations upheld · Suspension of certificate of registration for one week modified to warning to be cautious in future
Appeal: Appeal No.109 of 2012 decided on 20.11.2012 - disposed, suspension modified to warning
Failure to disclose multiple acquisitions, sales and changes in shareholding of Jyoti Ltd. exceeding 2%/5% thresholds triggering PIT Reg 13 and SAST Reg 29 disclosures.
Appeal No. 185 of 2018 dismissed · Adjudicating Officer penalty of Rs.2 lakhs each on all three appellants confirmed
Appeal: Appeal No.185 of 2018 decided and dismissed on 26.11.2019 (reserved on 6.11.2019)
SAT matter SATV-F2715F609A7900C52122046A
Misc. Application No. 150 of 2016 allowed: 179 days delay condoned with consent, no costs · Appeal No. 86 of 2016 disposed with direction to WTM to pass reasoned merits order within two weeks from 08.08.2016
Appeal: Appeal No. 86 of 2016 against WTM ex-parte ad-interim order dated 20.08.2015 disposed on 08.08.2016; Misc. Application No.150 of 2016 for 179-day delay allowed

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Source: SecMarx — Bharat J. Patel. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.