Saumil A. Bhavnagari

2 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Penalty reduced from Rs. 10 lakh to Rs. 4 lakh.

SAT-appeal

Alleged role in IPO scam - initially as financier, later treated as conduit per fresh order
Appeal disposed as infructuous due to fresh order dated 20.12.2007 · All contentions left open as appeal not decided on merits
Fraudulent and unfair trade practices through reversal and synchronized trades that created artificial volumes and price rise in Adani Exports Ltd. shares.
Appeal partly allowed. · Penalty reduced from Rs. 10 lakh to Rs. 4 lakh.
Appeal: Appeal No. 25 of 2012 decided on 21 February 2012; penalty reduced and impugned order modified.

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Source: SecMarx — Saumil A. Bhavnagari. 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.