Chhabil C. Shah

SAT-appeal

• Alleged facilitation of manipulation in Tijaria Polypipes Limited shares, including allowing large client trades without prior margin and facilitating layered diversion of IPO proceeds to offset trading losses.
  Appeal No. 151 of 2013 against the WTM order dated 31 July 2013 was heard by SAT. · WTM restraint from buying, selling or otherwise dealing in securities in proprietary accounts, directly or indirectly, for five years, with one year and seven months already undergone deducted.
  Appeal: Appeal No. 151 of 2013, reserved on 23 September 2013 and decided on 28 October 2013; outcome not included in the supplied text.
• Broker allegedly facilitated manipulation of Tijaria Polypipes IPO listing by allowing clients to create artificial volumes and provide exit to QIB and retail allottees, trading without margins, using other clients funds and falsifying ledgers.
  Appeal dismissed; interim restraint prohibiting buying, selling or dealing in securities continued till further orders · No order as to costs
  Appeal: Appeal No. 209 of 2012 decided on 19.11.2012 - dismissed with no order as to costs
• Fraudulent scheme in Tijaria Polypipes IPO listing to give exit to QIBs at premium via walk-in client Jivraj Zala, with ledger manipulation, misuse of client funds/shares for margin and synchronized trades.
  Appeal partly allowed while affirming violations found by AO · Penalty reduced to 50% against each of the appellants