Shree Shagun Financial Services

SAT-appeal

• Alleged synchronized, reversal and self trades among connected entities created artificial volumes and positive LTP in Polytex, KGN and Gemstone, generating unlawful gains.
  Appeals challenged the WTM order dated 31 January 2019 imposing market restraints and joint-and-several disgorgement. · WTM order restrained five entities from accessing or dealing in the securities market for 5–7 years.
  Appeal: Appeal Nos. 205–212, 305, 346, 356 and 438 of 2019 were heard together; decision dated 4 March 2020. The excerpt does not state final disposal directions.
• Facilitating debarred entities to trade indirectly through appellants, conducting reversal trades and repeated self-trades that created artificial volume and a false or misleading appearance of trading.
  Appeals were decided together against the common AO order dated 5 November 2019. · The Tribunal upheld the findings that noticees 7 to 16 traded indirectly through noticees 1 to 6 in violation of the WTM restraint order and PFUTP Regulations.
  Appeal: Appeal Nos. 06, 23, 38, 39, 40, 41, 42, 126 and 127 of 2020 and Appeal No. 586 of 2019; decision dated 24 June 2021. Appeals challenged the common AO order dated 5 November 2019.
• Indirect trading by debarred entities through noticees 1–6 in violation of a WTM restraint order; reversal and self-trades allegedly created artificial volume and a false or misleading market appearance.
  Appeals against the common AO order dated 5 November 2019 were decided together; operative disposal is not included in the supplied text.
  Appeal: Appeal Nos. 06, 23, 38, 39, 40, 41, 42, 126 and 127 of 2020 and Appeal No. 586 of 2019; decision dated 24 June 2021. Final disposal directions are absent from supplied text.
• Alleged synchronized, reversal and self trades among connected trading and financing entities created artificial volumes and positive LTP in Polytex, KGN and Gemstone, generating unlawful gains.
  Appeal: Appeals Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019 were filed against SEBI WTM order dated 31 January 2019; decision dated 4 March 2020.
• Alleged synchronized, reversal and self trades, coordinated financing and manipulation created artificial volumes and positive LTP in Polytex, KGN and Gemstone, generating unlawful gains.
  Appeals challenged the WTM order dated 31 January 2019 imposing market restraints and joint-and-several disgorgement. · WTM order restrained five entities from accessing or dealing in the securities market for 5–7 years.
  Appeal: Appeal Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019; decision dated 4 March 2020. Disposal outcome is not contained in the supplied text.
• Alleged fraudulent and unfair trading through synchronized, reversal and self trades, artificial volume and positive LTP creation in Polytex, KGN and Gemstone, generating unlawful gains.
  Challenge to SEBI WTM order dated 31 January 2019 concerning market-access restraints and joint-and-several disgorgement.
  Appeal: Appeal Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019; decision dated 4 March 2020; outcome not included in the provided text.
• Reversal trades and repeated self-trades in Polytex India creating artificial volume, and Noticees 1-6 facilitating debarred Noticees 7-16 to trade indirectly in violation of WTM restraint.
  AO imposed penalties under Sections 15HA and 15HB; SAT decided all appeals together vide decision dated 24.06.2021
  Appeal: Appeal Nos. 06,23,38,39,40,41,42,126,127 of 2020 and 586 of 2019 against AO order 05.11.2019; reserved 14.06.2021, decided 24.06.2021
• Self trades and reversal trades creating artificial volume in Polytex India scrip and facilitating debarred Noticees 7-16 to trade indirectly via Noticees 1-6 in violation of WTM debarment.
  AO imposed penalties under Section 15HA and 15HB; all SAT appeals heard together against common order
• Self trades and reversal trades creating artificial volume in Polytex India and facilitating debarred entities (Noticees 7-16) to trade indirectly via Noticees 1-6 in violation of WTM debarment.
  AO imposed penalties under Section 15HA and 15HB on Noticees 1-16 · SAT rejected delay, loan and Regulation 4(2)(d) contentions, violations held established
  Appeal: Appeal No. 06 of 2020 with Nos. 23,38,39,40,41,42,126,127 of 2020 and 586 of 2019 against AO order dated 05.11.2019, reserved 14.06.2021, decided 24.06.2021
• Facilitating debarred entities to trade indirectly through appellants in violation of a WTM restraint order; executing reversal and self-trades that created artificial volume and a false or misleading appearance of trading.
  Appeals were heard together against the common AO order dated 5 November 2019. · The Tribunal upheld the finding that debarred entities traded indirectly through noticees 1 to 6.
  Appeal: Appeal Nos. 06, 23, 38, 39, 40, 41 and 42 of 2020, Appeal Nos. 126 and 127 of 2020, and Appeal No. 586 of 2019; decision dated 24 June 2021 against common AO order dated 5 November 2019.
• Alleged fraudulent and unfair trade practices through synchronized, reversal and self trades, artificial volume creation, positive LTP contribution and unlawful gains in Polytex, KGN and Gemstone.
  SEBI restrained five entities from accessing or dealing in the securities market for 5–7 years. · Eleven entities were directed to disgorge Rs. 3,05,99,174 jointly and severally with the restrained entities.
  Appeal: Appeal Nos. 205, 206, 207, 208, 209, 210, 211, 212, 305, 346, 356 and 438 of 2019; common SAT decision dated 4 March 2020, challenging SEBI WTM order dated 31 January 2019
• Synchronized, reversal and self trades creating artificial volumes and positive LTP in Polytex, KGN and Gemstone scrips to earn unlawful gains in Polytex.
  5 entities restrained from accessing/dealing in securities market for 5-7 years · 11 entities debarred since 10 May 2013 plus 5 restrained entities to disgorge Rs 3,05,99,174 jointly and severally with 12% p.a. interest from 17 Dec 2012
  Appeal: 12 appeals Nos. 205-212, 305, 346, 356, 438 of 2019 against WTM order dated 31 Jan 2019; SAT decision dated 04 March 2020 (reserved 31 Jan 2019)
• Self-trades and reversal trades in Polytex India creating artificial volume and facilitating debarred entities 7-16 to trade indirectly via 1-6 violating WTM debarment.
  AO penalties under Sections 15HA and 15HB discussed; SAT operative disposal truncated in text
  Appeal: Appeal Nos 06,23,38,39,40,41,42,126,127 of 2020 and 586 of 2019 decided together on 24.06.2021 (reserved 14.06.2021)
• Alleged concerted manipulation in Polytex, KGN and Gemstone via synchronized, reversal and self trades creating artificial volumes and positive LTP, with unlawful gains in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing in securities market for 5-7 years vide WTM order · 11 entities having undergone >5 years debarment from interim order 10.05.2013 plus 5 restrained directed to disgorge Rs 3,05,99,174 jointly and severally
  Appeal: 12 SAT Appeals Nos 205-212, 305, 346, 356, 438 of 2019 against SEBI WTM order dated 31 January 2019; reserved 31.01.2019, decided 04.03.2020 by common order
• Synchronized, reversal and self trades creating artificial volume and positive LTP in Polytex, KGN, Gemstone with financing of pay-in obligations, making unlawful gains in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing in securities market directly/indirectly for 5-7 years vide WTM order 31.01.2019 · 11 entities already debarred over 5 years since 10.05.2013 plus 5 restrained entities to disgorge Rs 3,05,99,174 jointly and severally with 12% p.a. interest
  Appeal: 12 appeals Nos 205-212, 305, 346, 356, 438 of 2019 against WTM order dated 31.01.2019; Order Reserved 31.01.2019, Date of Decision 04.03.2020
• Alleged manipulation in Polytex, KGN, Gemstone via concerted synchronized, reversal and self trades creating artificial volume and positive LTP; financing noticees funded trading noticees pay-ins, unlawful gain in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing securities market directly/indirectly for 5-7 years · 11 entities already debarred over 5 years since 10.05.2013 to disgorge Rs 3,05,99,174 jointly/severally with 5 entities plus 12% interest
  Appeal: 12 appeals Nos 205-212, 305, 346, 356, 438 of 2019 against WTM order 31.01.2019; reserved 31.01.2019, decided 04.03.2020 by common order
• Alleged synchronized, reversal and self trades in Polytex, KGN, Gemstone creating artificial volume and positive LTP for unlawful gains funded by financing noticees.
  5 entities restrained from accessing/dealing in securities market for 5-7 years vide WTM order 31.01.2019 · 11 entities debarred since 10.05.2013 directed to disgorge Rs 3,05,99,174 jointly and severally with 12% interest
  Appeal: 12 appeals Nos. 205-212, 305, 346, 356, 438 of 2019 against WTM order 31.01.2019; reserved 31.01.2019, decided 04.03.2020
• Self-trades and reversal trades creating artificial volume in Polytex India scrip and facilitating debarred entities (Noticees 7-16) to trade indirectly via Noticees 1-6 in violation of WTM debarment.
  AO imposed penalties under Sections 15HA and 15HB; all appeals decided together by common judgment - SAT upheld violations per paras 5-10, final disposal truncated
  Appeal: Appeal Nos. 06, 23, 38, 39, 40, 41, 42, 126, 127 of 2020 and 586 of 2019 against AO common order dated 05.11.2019, reserved 14.06.2021, decided 24.06.2021 together
• Self trades and reversal trades creating artificial volume and indirect trading by debarred entities through front entities in violation of WTM debarment.
  AO penalties under Sections 15HA and 15HB sustained in reasoning; all connected appeals decided together
  Appeal: Appeal Nos. 06, 23, 38-42, 126, 127 of 2020 and 586 of 2019 decided on 24.06.2021, reserved on 14.06.2021
• Alleged manipulation in Polytex, KGN and Gemstone scrips via synchronized, reversal and self trades creating artificial volume and positive LTP, with unlawful gain in Polytex liable for disgorgement.
  5 entities restrained from accessing/dealing in securities market for 5-7 years · 11 entities debarred since 10.05.2013 with 5 restrained entities to disgorge Rs 3,05,99,174 jointly and severally with 12% p.a. interest from 17.12.2012
  Appeal: 12 appeals Nos. 205-212, 305, 346, 356, 438 of 2019 against WTM order dated 31.01.2019; reserved 31.01.2019, decided 04.03.2020 by common order
• Alleged concerted manipulation in Polytex, KGN and Gemstone via synchronized, reversal and self trades creating artificial volumes and positive LTP to earn unlawful gains in Polytex.
  5 entities restrained from accessing/dealing in securities market directly/indirectly for 5-7 years · 11 interim-debarred entities with 5 restrained entities to disgorge Rs.3,05,99,174 jointly and severally with 12% interest
  Appeal: 12 appeals: Appeal Nos. 205-212, 305, 346, 356 and 438 of 2019, reserved on 31.01.2019, decided on 04.03.2020 challenging WTM order dated 31.01.2019