{"id":41362,"date":"2004-09-30T00:00:00","date_gmt":"2004-09-29T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/sebi-vs-p-l-choudhary-and-company-smt-on-30-september-2004"},"modified":"2016-10-11T23:54:07","modified_gmt":"2016-10-11T18:24:07","slug":"sebi-vs-p-l-choudhary-and-company-smt-on-30-september-2004","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/sebi-vs-p-l-choudhary-and-company-smt-on-30-september-2004","title":{"rendered":"Sebi vs P.L. Choudhary And Company, Smt. … on 30 September, 2004"},"content":{"rendered":"
Securities Appellate Tribunal<\/div>\n
Sebi vs P.L. Choudhary And Company, Smt. … on 30 September, 2004<\/div>\n
Bench: A Batra<\/div>\n<\/p>\n
<\/pre>\n
ORDER<\/p>\n
A.K. Batra, Member<\/p>\n
BACKGROUND <\/p>\n
1. The shares of M\/s Surya Roshni Ltd. (hereinafter referred to as ‘SRL’) were listed for trading at Delhi Stock Exchange (DSE), National Stock Exchange (NSE), The Stock Exchange, Mumbai (BSE), Bangalore Stock Exchange (BgSE), Ahmedabad Stock Exchange (ASE), Madras Stock Exchange (MSE).\n<\/p>\n
2. A case was initiated by SEBI on January 11, 2001, based on an investigation report submitted by NSE, wherein the trading pattern of SRL for the time period July 26, 2000 to September 05, 2000 was examined. However, in view of large trading volumes prior to this period, NSE was requested to extend the scope of their investigation and forward a comprehensive report. NSE conducted another investigation for the period May 17, 2000 to September 05, 2000 (earlier period included) and submitted the report to SEBI on August 31, 2001. Since the scrip was also listed and traded on BSE, it was also requested to investigate the matter and submit its report to SEBI. BSE submitted its investigation report to SEBI on June 10, 2002.\n<\/p>\n
3.  For the same time period i.e. from May 17, 2000 to September 05, 2000, Bangalore, Ahmedabad and Madras Stock Exchange reported nil trading; the trading details received from DSE showed trading to have taken place only on one day i.e. April 18, 2000.\n<\/p>\n
4. Investigations revealed that M\/s. P. L. Choudhary & Co., Smt. Sabitaridevi Choudhary and Smt. Sarita Choudhary (hereinafter referred to as ‘Choudharys’) had traded extensively in the shares of SRL, both on the exchange and on spot basis, thereby being a party to creation of artificial volumes in the scrip. It was also seen that most of the transactions done on their behalf were matched\/structured transactions that mirrored the transactions crystallized outside the exchange mechanism.\n<\/p>\n
SHOW CAUSE NOTICE AND HEARING <\/p>\n
5. Pursuant to the investigation, a show cause notice dated 26.05.03 was issued to the Choudharys , asking them to show cause as to why a suitable direction under Section 11B read with Section 11 (4) (b) of SEBI Act, including a direction prohibiting them from dealing in securities for a particular period, should not be issued. It was also mentioned that if they failed to submit any reply within the stipulated period of 15 days, it would be presumed that they had nothing to say in the matter and SEBI would be free to take such action as deemed fit.\n<\/p>\n
6. The Choudharys submitted a reply vide their letter dated 09.06.03, wherein they had submitted that they had not dealt in the shares of SRL with a view to create artificial volume or price fluctuations in the market. They stated that they had dealt in the shares of the company in the manner mentioned, under the assumption that these were normal transactions and that such transactions were done by SHCIL also.\n<\/p>\n
7. An opportunity of hearing was given to the Choudharys before me on 21.04.04, on which date Mr. P. L. Choudhary appeared before me on behalf of the Choudharys and reiterated the submissions in the reply as specified above, orally and in writing. I proceed to analyse the issues based on the facts brought out in the investigation and the submissions made by the Choudharys in their reply and at the time of hearing before me.\n<\/p>\n
ISSUES FOR CONSIDERATION AND FINDINGS <\/p>\n
8.  understand that M\/s. P. L. Choudhary & Co. is owned by Mr. P. L. Choudhary. He is the husband of Smt. Sabitaridevi Choudhary and father-in-law of Smt. Sarita Choudhary. The brokerage firm M\/s. Pawankumar Parmeshwarlal (hereinafter referred to as ‘pawankumar’), through whom the Choudharys had done all their transactions in SRL, is run by Mr. Pawankumar Parmeshwarlal, son of Mr. P. L. Choudhary. The said brokerage firm is administered by Mr. P. L. Choudhary, as per his own admission. Thus, the parties to the deals asexplained herein below are related among each other.\n<\/p>\n
9. The following tables provide the details of the shares purchased by the Choudharys from Tropical on spot\/off-market basis:\n<\/p>\n
M\/s.\n<\/p>\n
  P. L. Choudhary & Co.\n<\/p>\n
Sr. No<\/p>\n
settlement
\n  No<\/p>\n
Name
\n  of the Broker<\/p>\n
Gross
\n  Purchases<\/p>\n
Rate<\/p>\n
1<\/span><\/p>\n
A \/ 10<\/p>\n
Tropical<\/p>\n
3,5004,00040,00010,0009,500<\/p>\n
19.7019.8020.2020.3020.35<\/p>\n
2<\/span><\/p>\n
A \/ 11<\/p>\n
Tropical<\/p>\n
40,000<\/p>\n
20.6<\/p>\n
Sabitaridevi Choudhary<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
1<\/span><\/p>\n
A \/ 12<\/p>\n
Tropical<\/p>\n
35,000<\/p>\n
19.85<\/p>\n
2<\/span><\/p>\n
A\/13<\/p>\n
Tropical<\/p>\n
7,500<\/p>\n
21.65<\/p>\n
3<\/span><\/p>\n
A \/ 14<\/p>\n
Tropical<\/p>\n
12,00010,0009,000 8,0006,000<\/p>\n
19.9520.1020.2020.4520.60<\/p>\n
4<\/span><\/p>\n
A \/ 16<\/p>\n
Tropical<\/p>\n
50,000<\/p>\n
19.7<\/p>\n
5<\/span><\/p>\n
A \/ 22<\/p>\n
Tropical<\/p>\n
10,00020,000<\/p>\n
17.1017.30<\/p>\n
Sarita Choudhary<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
1<\/span><\/p>\n
A \/ 10<\/p>\n
Tropical<\/p>\n
5,300<\/p>\n
20.7<\/p>\n
2<\/span><\/p>\n
A \/ 11<\/p>\n
Tropical<\/p>\n
5,000<\/p>\n
20.35<\/p>\n
3<\/span><\/p>\n
A \/ 14<\/p>\n
Tropical<\/p>\n
25,00015,000<\/p>\n
19.7019.75<\/p>\n
4<\/span><\/p>\n
A \/ 16<\/p>\n
Tropical<\/p>\n
50,000<\/p>\n
19.7<\/p>\n
5<\/span><\/p>\n
A \/ 17<\/p>\n
Tropical<\/p>\n
10,000<\/p>\n
18.25<\/p>\n
6<\/span><\/p>\n
A \/ 20<\/p>\n
Tropical<\/p>\n
50,000<\/p>\n
18<\/span><\/p>\n
7<\/span><\/p>\n
A \/ 21<\/p>\n
Tropical<\/p>\n
80,000<\/p>\n
17.2<\/p>\n
8<\/span><\/p>\n
A \/ 22<\/p>\n
Tropical<\/p>\n
5,00020,000<\/p>\n
17.3017.70<\/p>\n
10. The aforesaid shares, purchased on various dates, on spot\/off-market basis, were sold through pawankumar, their broker, immediately on receipt of the shares into the account of the Choudharys. The shares were sold back to Tropical itself or its related entities, on the exchange, the details of which are enumerated in the following table:\n<\/p>\n
Client: M\/s. P.L. Choudhary
\n  & Co. (Prop.: Shri P.L. Choudhary)<\/p>\n
Name
\n  of the Broker<\/p>\n
Sett.\n<\/p>\n
  No.\n<\/p>\n
Buy<\/p>\n
Sell<\/p>\n
Net<\/p>\n
Pawankumar<\/p>\n
10<\/span><\/p>\n
0<\/span><\/p>\n
67,000<\/p>\n
-67,000<\/p>\n
\u00a0<\/p>\n
11<\/span><\/p>\n
0<\/span><\/p>\n
40,000<\/p>\n
-40,000<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
0<\/span><\/p>\n
1,07,000<\/p>\n
-1,07,000<\/p>\n
Client: M\/s. Sabitaridevi
\n  Choudhary<\/p>\n
Pawankumar<\/p>\n
12<\/span><\/p>\n
0<\/span><\/p>\n
35,000<\/p>\n
-35,000<\/p>\n
\u00a0<\/p>\n
13<\/span><\/p>\n
0<\/span><\/p>\n
7,500<\/p>\n
-7,500<\/p>\n
\u00a0<\/p>\n
14<\/span><\/p>\n
0<\/span><\/p>\n
45,000<\/p>\n
-45,000<\/p>\n
\u00a0<\/p>\n
16<\/span><\/p>\n
0<\/span><\/p>\n
50,000<\/p>\n
-50,000<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
22<\/span><\/p>\n
0<\/span><\/p>\n
30,000<\/p>\n
-30,000<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
0<\/span><\/p>\n
1,67,500<\/p>\n
-1,67,500<\/p>\n
Client: Smt. Sarita Choudhary<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Pawankumar<\/p>\n
10<\/span><\/p>\n
0<\/span><\/p>\n
5,300<\/p>\n
-5,300<\/p>\n
\u00a0<\/p>\n
11<\/span><\/p>\n
0<\/span><\/p>\n
50,000<\/p>\n
-50,000<\/p>\n
\u00a0<\/p>\n
14<\/span><\/p>\n
0<\/span><\/p>\n
40,000<\/p>\n
-40,000<\/p>\n
\u00a0<\/p>\n
16<\/span><\/p>\n
0<\/span><\/p>\n
50,000<\/p>\n
-50,000<\/p>\n
\u00a0<\/p>\n
17<\/span><\/p>\n
0<\/span><\/p>\n
10,000<\/p>\n
-10,000<\/p>\n
\u00a0<\/p>\n
20<\/span><\/p>\n
0<\/span><\/p>\n
50,000<\/p>\n
-50,000<\/p>\n
\u00a0<\/p>\n
21<\/span><\/p>\n
0<\/span><\/p>\n
80,000<\/p>\n
-80,000<\/p>\n
\u00a0<\/p>\n
22<\/span><\/p>\n
0<\/span><\/p>\n
25,000<\/p>\n
-25,000<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
0<\/span><\/p>\n
3,10,300<\/p>\n
-3,10,300<\/p>\n
11. All the above transactions carried out by the Choudharys, through Pawankumar, were found to have been matched\/structured with Tropical Securities and Investments Pvt. Ltd., member, BSE (Tropical) or its related entities i.e. entities from whom the shares were initially purchased by the Choudharys , on a spot\/off-market basis. The table below gives the instances of such matched trades between Pawankumar and Tropical:\n<\/p>\n
\u00a0<\/p>\n
Buy<\/p>\n
Sell<\/p>\n
Trade<\/p>\n
Date<\/p>\n
Mem<\/p>\n
Time<\/p>\n
Order
\n  Qty<\/p>\n
Rate<\/p>\n
Mem<\/p>\n
Time<\/p>\n
Qty<\/p>\n
Rate<\/p>\n
Time<\/p>\n
Qty<\/p>\n
5\/31\/2000<\/p>\n
650<\/span><\/p>\n
11:32:23<\/p>\n
5300<\/span><\/p>\n
20.9<\/p>\n
550<\/span><\/p>\n
11:32:48<\/p>\n
5300<\/span><\/p>\n
20.9<\/p>\n
11:32:49<\/p>\n
5300<\/span><\/p>\n
6\/1\/2000<\/p>\n
650<\/span><\/p>\n
13:53:23<\/p>\n
3500<\/span><\/p>\n
20.05<\/p>\n
550<\/span><\/p>\n
13:53:17<\/p>\n
3500<\/span><\/p>\n
20.05<\/p>\n
13:53:23<\/p>\n
3500<\/span><\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
13:53:41<\/p>\n
4000<\/span><\/p>\n
20.1<\/p>\n
550<\/span><\/p>\n
13:53:41<\/p>\n
4000<\/span><\/p>\n
20.1<\/p>\n
13:53:41<\/p>\n
4000<\/span><\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:47:17<\/p>\n
25000<\/p>\n
20.5<\/p>\n
550<\/span><\/p>\n
14:47:12<\/p>\n
25000<\/p>\n
20.5<\/p>\n
14:47:17<\/p>\n
25000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:48:40<\/p>\n
15000<\/p>\n
20.55<\/p>\n
550<\/span><\/p>\n
14:48:39<\/p>\n
15000<\/p>\n
20.55<\/p>\n
14:48:40<\/p>\n
15000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:49:06<\/p>\n
10000<\/p>\n
20.6<\/p>\n
550<\/span><\/p>\n
14:49:05<\/p>\n
10000<\/p>\n
20.6<\/p>\n
14:49:06<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:49:49<\/p>\n
9500<\/span><\/p>\n
20.65<\/p>\n
550<\/span><\/p>\n
14:49:47<\/p>\n
9500<\/span><\/p>\n
20.65<\/p>\n
14:49:49<\/p>\n
9500<\/span><\/p>\n
6\/6\/2000<\/p>\n
650<\/span><\/p>\n
12:43:37<\/p>\n
15000<\/p>\n
20.5<\/p>\n
550<\/span><\/p>\n
12:43:47<\/p>\n
15000<\/p>\n
20.5<\/p>\n
12:43:48<\/p>\n
15000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
12:44:25<\/p>\n
20000<\/p>\n
20.5<\/p>\n
550<\/span><\/p>\n
12:44:28<\/p>\n
20000<\/p>\n
20.5<\/p>\n
12:44:28<\/p>\n
20000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
12:49:05<\/p>\n
15000<\/p>\n
21<\/span><\/p>\n
550<\/span><\/p>\n
12:49:07<\/p>\n
15000<\/p>\n
21<\/span><\/p>\n
12:49:08<\/p>\n
15000<\/p>\n
6\/8\/2000<\/p>\n
650<\/span><\/p>\n
14:51:44<\/p>\n
10000<\/p>\n
20.8<\/p>\n
550<\/span><\/p>\n
14:51:24<\/p>\n
10000<\/p>\n
20.75<\/p>\n
14:51:45<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:52:01<\/p>\n
10000<\/p>\n
20.8<\/p>\n
550<\/span><\/p>\n
14:51:36<\/p>\n
10000<\/p>\n
20.8<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:52:14<\/p>\n
0<\/span><\/p>\n
20.9<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
14:52:14<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:52:30<\/p>\n
10000<\/p>\n
21<\/span><\/p>\n
550<\/span><\/p>\n
14:52:08<\/p>\n
10000<\/p>\n
20.9<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:53:15<\/p>\n
5000<\/span><\/p>\n
21<\/span><\/p>\n
550<\/span><\/p>\n
14:52:36<\/p>\n
10000<\/p>\n
21<\/span><\/p>\n
14:52:36<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:53:48<\/p>\n
5000<\/span><\/p>\n
21<\/span><\/p>\n
550<\/span><\/p>\n
14:53:03<\/p>\n
5000<\/span><\/p>\n
21<\/span><\/p>\n
14:53:16<\/p>\n
5000<\/span><\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:53:48<\/p>\n
5000<\/span><\/p>\n
21<\/span><\/p>\n
550<\/span><\/p>\n
14:53:48<\/p>\n
5000<\/span><\/p>\n
21<\/span><\/p>\n
14:53:49<\/p>\n
5000<\/span><\/p>\n
6\/13\/2000<\/p>\n
650<\/span><\/p>\n
14:36:06<\/p>\n
10000<\/p>\n
20<\/span><\/p>\n
550<\/span><\/p>\n
14:36:05<\/p>\n
10000<\/p>\n
20<\/span><\/p>\n
14:36:06<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:36:22<\/p>\n
10000<\/p>\n
20.1<\/p>\n
550<\/span><\/p>\n
14:36:23<\/p>\n
10000<\/p>\n
20.1<\/p>\n
14:36:24<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:36:38<\/p>\n
15000<\/p>\n
20.25<\/p>\n
550<\/span><\/p>\n
14:36:39<\/p>\n
15000<\/p>\n
20.25<\/p>\n
14:36:40<\/p>\n
15000<\/p>\n
6\/28\/2000<\/p>\n
650<\/span><\/p>\n
14:30:20<\/p>\n
15000<\/p>\n
20<\/span><\/p>\n
550<\/span><\/p>\n
14:30:19<\/p>\n
15000<\/p>\n
20<\/span><\/p>\n
14:30:21<\/p>\n
15000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:30:40<\/p>\n
10000<\/p>\n
20<\/span><\/p>\n
550<\/span><\/p>\n
14:30:39<\/p>\n
10000<\/p>\n
20<\/span><\/p>\n
14:30:40<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:31:39<\/p>\n
10000<\/p>\n
20.05<\/p>\n
550<\/span><\/p>\n
14:31:32<\/p>\n
10000<\/p>\n
20.05<\/p>\n
14:31:39<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:31:59<\/p>\n
5000<\/span><\/p>\n
20.05<\/p>\n
550<\/span><\/p>\n
14:31:53<\/p>\n
5000<\/span><\/p>\n
20.05<\/p>\n
14:32:00<\/p>\n
5000<\/span><\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:34:52<\/p>\n
5000<\/span><\/p>\n
20.25<\/p>\n
550<\/span><\/p>\n
14:34:52<\/p>\n
5000<\/span><\/p>\n
20.25<\/p>\n
14:34:53<\/p>\n
5000<\/span><\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:35:15<\/p>\n
7000<\/span><\/p>\n
20.25<\/p>\n
550<\/span><\/p>\n
14:35:11<\/p>\n
7000<\/span><\/p>\n
20.25<\/p>\n
14:35:15<\/p>\n
7000<\/span><\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:35:38<\/p>\n
10000<\/p>\n
20.4<\/p>\n
550<\/span><\/p>\n
14:35:27<\/p>\n
10000<\/p>\n
20.4<\/p>\n
14:35:39<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:35:59<\/p>\n
9000<\/span><\/p>\n
20.5<\/p>\n
550<\/span><\/p>\n
14:35:54<\/p>\n
9000<\/span><\/p>\n
20.5<\/p>\n
14:36:00<\/p>\n
9000<\/span><\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:36:26<\/p>\n
8000<\/span><\/p>\n
20.75<\/p>\n
550<\/span><\/p>\n
14:36:39<\/p>\n
8000<\/span><\/p>\n
20.75<\/p>\n
14:36:39<\/p>\n
8000<\/span><\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
14:36:59<\/p>\n
6000<\/span><\/p>\n
20.9<\/p>\n
550<\/span><\/p>\n
14:37:00<\/p>\n
6000<\/span><\/p>\n
20.9<\/p>\n
14:37:00<\/p>\n
6000<\/span><\/p>\n
7\/12\/2000<\/p>\n
650<\/span><\/p>\n
11:27:30<\/p>\n
20000<\/p>\n
20<\/span><\/p>\n
550<\/span><\/p>\n
11:27:26<\/p>\n
20000<\/p>\n
20<\/span><\/p>\n
11:27:30<\/p>\n
20000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
11:27:51<\/p>\n
20000<\/p>\n
20<\/span><\/p>\n
550<\/span><\/p>\n
11:27:48<\/p>\n
20000<\/p>\n
20<\/span><\/p>\n
11:27:51<\/p>\n
20000<\/p>\n
\u00a0<\/p>\n
650<\/span><\/p>\n
11:28:08<\/p>\n
10000<\/p>\n
20<\/span><\/p>\n
550<\/span><\/p>\n
11:28:07<\/p>\n
10000<\/p>\n
20<\/span><\/p>\n
11:28:09<\/p>\n
10000<\/p>\n
\u00a0<\/p>\n
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18<\/span><\/p>\n
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650<\/span><\/p>\n
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550<\/span><\/p>\n
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18<\/span><\/p>\n
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18<\/span><\/p>\n
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10000<\/p>\n
As can be seen from the table above, almost all the shares sold by Pawankumar have been purchased by Tropical and the time differential between the placing of purchase and sale order is negligible in most of the transactions , indicating clearly that the orders were sought to be matched with each other.\n<\/p>\n
12. I have observed that the above transactions were a part of an exercise undertaken by the 3 clients of pawankumar to finance Tropical. The same has also been admitted to, by Tropical. The modus operandi followed by the involved entities are as under:\n<\/p>\n
a.  Tropical would sell shares of SRL to the Choudharys on spot\/off market basis and the Choudharys would make payments to Tropical for the shares so bought. Immediately, in order to safeguard the financing made available by them to Tropical, the y would sell the shares bought from Tropical, to Tropical itself, on the stock market, through pawankumar, ostensibly to create an obligation on the part of Tropical to return the monies financed. [As seen from the table at para 11 above, in almost all the trades executed pawankumar on behalf of the Choudharys, the counterparty broker was Tropical, a fact which goes on to verify the said charge. ] <\/p>\n
b. Therefore, the shares, originally bought from Tropical on a spot basis, would revert to Tropical itself, through the stock exchange settlement system. This cycle of financing and thereafter entering into matched transactions to safeguard own interest continued settlement after settlement, during the period of investigation.\n<\/p>\n
c. As regards the financing of Tropical, it was understood that Tropical [on behalf of its related entities] was in need of funds and would therefore sell shares on spot\/off market basis to various entities and would receive funds immediately. The entities, who bought the shares on spot\/off market basis, would in turn sell the shares on the exchange through the broking entities, including the said broker, among others. The trading that took place on the exchange would thus mirror the financing arrangements crystallised outside the exchange as spot\/off market deals, resulting into matched\/structured transactions, as shown above.\n<\/p>\n
d.  At BSE, the bulk of these transactions took place with Tropical on one side and pawankumar on the other (acting for the Choud harys). As already stated above, Tropical sold shares to the Choudharys on spot\/off market basis. To safeguard the financing made available by them clients to Tropical, the Choudharys immediately sold these shares on the market through pawankumar. The shares would thus flow back from the Choudharys to Tropical.\n<\/p>\n
13. In view of the above, the Choudharys are responsible for creating false and misleading appearance of trading in the market, in the shares of SRL, by rotating the same set of shares through the stock exchange and also for misutilising the stock exchange mechanism, by transferring\/mirroring their off the market financing transactions on to the exchange, in an inappropriate manner, by utilizing the comfort cum security of the Settlement Guarantee Fund of the exchange, which is intended for genuine trade transactions. In doing so, they have also created artificial volumes in the market. The submission that this was done for the purpose of raising temporary finance to meet the pay-in obligations of Tropical is of no consequence in the present case, as the stock exchange is meant for genuine transactions and is not a forum for such funding activities.\n<\/p>\n
14. From the above, I conclude that the Choudharys have been responsible for creation of artificial volume and misleading appearance of trading in the market; put to risk the exchange mechanism by transaferring\/mirroring the transactions carried out through off-market deals , on to the stock exchange. Therefore, I hold them guilty of having violated the provisions of Regulation 4 (b) and (c) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 which read as under :\n<\/p>\n
 “4. No person shall –\n<\/p>\n
(a) …………\n<\/p>\n
(b) indulge in any act, which is calculated to create a false or misleading appearance of trading on the securities market;\n<\/p>\n
(c) indulge in any act, which results in reflection of prices of securities based on transactions that are not genuine trade transactions;\n<\/p>\n
(d) …………\n<\/p>\n
(e)…………\n<\/p>\n
15. I note that Regulation 13 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 reads as under :-\n<\/p>\n
“Repeal and savings <\/p>\n
13. (1) The Securities and Exchange Board of India ((Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 is hereby repealed.\n<\/p>\n
(2) Notwithstanding repeal of the Securities and ExchangeBoard of India ((Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995, any violation of regulations 3, 4, 5 and 6 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 shall be investigated and proceeded against in accordance with the procedure laid down in these regulations.\n<\/p>\n
(3) Notwithstanding repeal of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995, any investigation pending, at the commencement of these regulations shall be continued and disposed of in accordance with the procedure laid down in these regulations.”\n<\/p>\n
16.  I find that the Choudharys are responsible for creating false and misleading appearance of trading and manipulation in the scrip of SRL. Innocent investors would be induced to trade by such false appearance of trading in the securities market, unless these unscrupulous activities are prevented\/contained. In view of my findings mentioned hereinabove, I find that it is a fit case for issue of directions against the Choudharys, whose conduct is detrimental to the interest of investors and the securities market.\n<\/p>\n
ORDER <\/p>\n
17. Therefore, in exercise of the powers conferred upon me by virtue of Section 19 read with Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 read with Regulation 4 (b) and (c) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 and Regulation 13 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, I hereby direct that M\/s. P. L. Choudhary & Co., Smt. Sabitaridevi Choudhary and Smt. Sarita Choudhary be restrained from accessing the securities market and prohibited from buying, selling or dealing in securities, directly or indirectly, for a period of three months .\n<\/p>\n
18. This direction shall come into force with immediate effect.<\/p>\n","protected":false},"excerpt":{"rendered":"
Securities Appellate Tribunal Sebi vs P.L. Choudhary And Company, Smt. … on 30 September, 2004 Bench: A Batra ORDER A.K. Batra, Member BACKGROUND 1. The shares of M\/s Surya Roshni Ltd. (hereinafter referred to as ‘SRL’) were listed for trading at Delhi Stock Exchange (DSE), National Stock Exchange (NSE), The Stock Exchange, Mumbai (BSE), Bangalore […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-41362","post","type-post","status-publish","format-standard","hentry","category-judgements"],"yoast_head":"\nSebi vs P.L. 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