Nilesh Kapadia

SAT-appeal

• Non-intermediary front-running and fraudulent/unfair trading based on confidential advance information about HDFC AMC orders, allegedly violating PFUTP Regulations.
  Appeals Nos. 327, 329, 337 and 338 of 2014 were disposed of by a common decision. · Impugned WTM order dated 24 July 2014 imposed a 10-year securities-market prohibition from 17 June 2010.
  Appeal: Appeal Nos. 327, 329, 337 and 338 of 2014 decided together on 21 December 2017; appeals challenging the WTM order dated 24 July 2014 were dismissed for lack of merit.
• Ikab Securities was alleged to have aided and abetted clients' front-running of HDFC trades through its dealer Bankim Shah, enabling matched trades and a misleading appearance in the market.
  Impugned AO order insofar as it concerned Ikab Securities was quashed · Appeal allowed with no order as to costs
  Appeal: Appeal No. 301 of 2020 decided on 17 June 2022; appeal allowed
• Front-running of HDFC AMC orders: dealer Nilesh Kapadia tipped Rajiv Sanghvi before HDFC orders; Sanghvi and Mehta accounts traded ahead, violating PFUTP Regs 3, 4(1).
  Debarred from buying/selling/dealing in securities for 10 years from interim order 17.06.2010 · Disgorgement of illegal profits with interest by all except Nilesh Kapadia
• Prima facie undue profits allegedly made during Nov 2001-Sep 2011 sought to be impounded with 12% p.a. interest via ex-parte ad-interim directions.
  Permit appellants to sell securities in respective demat accounts to fund escrow deposit · Deposit only principal undue profits (Rs 47,24,293 and Rs 1,05,02,417) in escrow, not interest
  Appeal: Appeal Nos. 4 of 2016 and 5 of 2016 disposed on 04.03.2016 with no order as to costs
• SAT matter SATV-9601830128F3E7C80C899263
  Registry directed to add 'and to redeem the mutual fund units' in paras 2 and 4 of order dated 04/03/2016 · Misc. Application No. 65 of 2016 disposed off
  Appeal: Misc. Application No. 65 of 2016 in Appeal No. 4 of 2016 disposed of on 03/05/2016 seeking modification of SAT order dated 04/03/2016
• Prima facie making of undue profits during November 2001 to September 2011 as quantified ex-parte by WTM.
  Permitted to sell securities in respective demat accounts to deposit only principal undue profits in escrow, not interest · On deposit of quantified undue profits, SEBI to defreeze all bank/demat accounts forthwith and intimate authorities
  Appeal: Appeal Nos. 4 and 5 of 2016 disposed on 04.03.2016 with no order as to costs
• Non-intermediary front-running and fraudulent/unfair trading: HDFC AMC dealer allegedly tipped Rajiv Sanghvi before HDFC AMC orders, enabling Sanghvi and trades through Chandrakant and Dipti Mehta.
  Appeals 327, 329, 337 and 338 of 2014 were disposed of by this common decision · Impugned WTM order dated 24 July 2014 challenged
  Appeal: Common SAT decision dated 21 December 2017 in Appeals 327, 329, 337 and 338 of 2014; appeals challenged the WTM order dated 24 July 2014
• Front-running of HDFC AMC orders: dealer Nilesh Kapadia allegedly tipped Rajiv Sanghvi before placing AMC orders and Sanghvi plus Mehta accounts traded ahead on tips.
  Prohibited from buying, selling or dealing in securities for 10 years from interim order dated 17 June 2010 · Disgorgement of illegal profits with interest directed against all except appellant in Appeal No. 329 of 2014
  Appeal: Appeal Nos. 327, 329, 337 and 338 of 2014, order reserved on 05.12.2017, date of decision 21.12.2017, challenging WTM order dated 24.07.2014