{"id":221641,"date":"2019-11-01T12:23:10","date_gmt":"2019-11-01T06:53:10","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=221641"},"modified":"2019-11-04T14:53:04","modified_gmt":"2019-11-04T09:23:04","slug":"sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/","title":{"rendered":"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market"},"content":{"rendered":"

Securities and Exchange Board of India (SEBI)<\/span><\/span>: <\/span><\/span><\/strong>S.K. Mohanty<\/span><\/span>, (Whole Time Member)<\/span><\/span> by order prohibited <\/span><\/span>the Noticees from accessing the securities market for a period of two years.<\/span><\/span><\/p>\n

Securities and Exchange Board of India (\u201cSEBI\u201d) <\/span><\/span>investigated <\/span><\/span>into the scrips of Vertex Spinning Limited (\u201cVSL\u201d) and DMC International Limited (\u201cDMCIL\u201d) <\/span><\/span>for the period of April 1, 2010 to September 30, 2010<\/span><\/span> for the violation <\/span><\/span>of the provisions of Securities and Exchange Board of India Act, 1992 (\u201cSEBI Act\u201d) and rules and regulations made <\/span><\/span>thereunder<\/span><\/span>. <\/span><\/span>It <\/span><\/span>was unearthed during the investigation that the top ten<\/span><\/span> clients accounted for 38.06 % of the buy volume and 45.51% of the sell volume in the scr<\/span><\/span>ip of VSL and amongst the top ten<\/span><\/span> clients, the Noticees <\/span><\/span>had<\/span><\/span> bought 5.59% of total traded volum<\/span><\/span>e<\/span><\/span> and <\/span><\/span>4.38% of total traded volume respectively. They had <\/span><\/span>also sold 11.38% and <\/span><\/span>5.59% of total traded volume<\/span><\/span> respectively. The investigation <\/span><\/span>also revealed that the notices had <\/span><\/span>executed self-trades in the scrip of VSL. <\/span><\/span>the notices had in a similar manner<\/span><\/span>, <\/span><\/span>contributed in <\/span><\/span>the trade of the scrip of DMCIL <\/span><\/span>and the sale of<\/span><\/span> those traded volumes <\/span><\/span>of DMCIL, during the Investigation Period. <\/span><\/span>Thus, based on such findings, <\/span><\/span>it was observed that the two entities <\/span><\/span>had<\/span><\/span> indulged in <\/span><\/span>the <\/span><\/span>execution of self-trades in the scrip of VSL and DMCIL. <\/span><\/span><\/p>\n

It was also <\/span><\/span>revealed that there were off-market transfers of shares amongst the suspected entities during the period of investigation wherein, some of the promoters of VSL transferred shares in the off-market to <\/span><\/span>the Noticee <\/span><\/span>and his group entities and such off-market transfers were not executed against sufficient and <\/span><\/span>valid consideration. It was observed<\/span><\/span>\u00a0that such transfers of shares through off-market transactions without receipt of adequate considerat<\/span><\/span>ion were camouflaged as shares <\/span><\/span>be<\/span><\/span>ing lent to Chetan Dogra Group <\/span><\/span>(<\/span><\/span>\u201cCD<\/span><\/span>G\u201d), entity related to the Noticee, under loan agreements.<\/span><\/span><\/p>\n

Additionally, <\/span><\/span>the Noticee nos. 4 & 5, which we<\/span><\/span>re connected\/associated with the Noticee no. 1 were alleged to be involved in the acts of synchronized trades as well as reversal and self-trades in a number of scrips, thereby contributing to the price rise by way of their manipulative and artificial trades. The alleged pattern of trading were noticed in number of scrips on repeated basis and hence have been alleged to be in violation of the provisions of <\/span><\/span>Section 12 A (a) (b) (c) of SEBI Act read with Regulation 3 (a) (b) (c) (d) read with Regulation 4 (1) 4 (2) (a) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating To Securities Market) Regulations, 2003<\/span><\/span>(\u201cPFUTP Regulations\u201d) <\/span><\/span>read with Section 16 of the Securities Contracts (Regulation) Act, 195<\/span><\/span>6<\/span><\/span> (<\/span><\/span>\u201cSCR Act\u201d). <\/span><\/span><\/p>\n

A common Show Cause Notice dated <\/span><\/span>September 05, 2017 (<\/span><\/span>\u201cSCN\u201d) was issued to all the Noticees, asking them to respond as to why suitable direction under Section 11, 11(4) & 11 (B) SEBI Act, sho<\/span><\/span>uld not be issued against them. Service was done is all manner possible but the Noticees did not respond to the same hence the matter proceeded with <\/span><\/span>ex parte<\/span><\/span>.<\/span><\/span><\/p>\n

T<\/span><\/span>he <\/span><\/span>following issues were considered by the Tribunal<\/span><\/span>: <\/span><\/span><\/strong><\/p>\n

(i) <\/span><\/span>Whether the Noticees we<\/span><\/span>re connected entities? <\/span><\/span><\/p>\n

(i<\/span><\/span>i)Whether the Noticees had<\/span><\/span> acted in violation of the provisions of Section 16 of SCR Act, 1956, while dealing in off-market transactions in the shares of VSL? <\/span><\/span><\/p>\n

(iii)<\/span><\/span>Whether the act of the Notic<\/span><\/span>ees no. 1 and Noticee no. 2 had<\/span><\/span> result<\/span><\/span>ed in violation<\/span><\/span> of the provisions of Section 12 A (a), (b), (c) of SEBI Act read with Regulation 3 (a), (b), (c), (d), 4 (1) 4 (2) (a) and (g) of SEBI (PFUTP) Regulations? <\/span><\/span><\/p>\n

It wa<\/span><\/span>s noted that<\/span><\/span> certain entities<\/span><\/span> were identified as connected entities and <\/span><\/span>this <\/span><\/span>was based on <\/span><\/span>inter se <\/span><\/span>connections established <\/span><\/span>because of common addresses, KYC documents, <\/span><\/span>and common<\/span><\/span> directorship and off-market transfers. <\/span><\/span>Further, the Noticee no. 1 was one of the D<\/span><\/span>irectors<\/span><\/span> in <\/span><\/span>the Noticee no. 3 to 8. There we<\/span><\/span>re off-market transfers of shar<\/span><\/span>es of VSL between the Noticees<\/span><\/span> and the promoter of VSL. <\/span><\/span><\/p>\n

D<\/span><\/span>uring the Investigation Period, there were off-market transfers in the scrip of VSL wherein some of the promoters of VSL viz. Green Cottage and Resorts Limited, Phenomenal Craft Pvt Ltd., Yellow Consultants Pvt Ltd an<\/span><\/span>d Zoom Colonizers Pvt Ltd. had <\/span><\/span>transferred shares to Notice<\/span><\/span>es. <\/span><\/span>There were transactions implying<\/span><\/span> the transfer of beneficial ownership <\/span><\/span>of the shares to these Noticees<\/span><\/span>. <\/span><\/span>There was a transfer of 70 lakh <\/span><\/span>shares from the promoters\u2019 entities of VSL to the Noticee no. 1 and it<\/span><\/span>s related\/ associated entities and <\/span><\/span>the total amount agreed for the purchase of those shares Rs 1.255 Crore, while the market value of those shares was Rs 2.85 Crore. <\/span><\/span><\/p>\n

The Noticees<\/span><\/span> executed self-trades quite frequently and almost as a matter of habit. During the Investigation Period, the Noticee no. 1 was found to have<\/span><\/span> been indulged in self-trades<\/span><\/span> 53 times over a period of 10 trading days between 30\/04\/2010 and 15\/06\/2010. <\/span><\/span>The <\/span><\/span>contribution of self-trade by the Noticee no. 1 was more than 12% of the total traded volume, which was enough to create artificial volumes in the scrip of VSL. <\/span><\/span>Similarly, <\/span><\/span>the Noticee no. 1 had indulged in self-trades on 25 occasions over the period of 9 trading days between 30\/06\/2010 and 16\/07\/2010. Thus, on an average the Noticee no. 1 had indulged in executing more than 2 self-trades per day in the scrip of DMCIL. <\/span><\/span>The Noticee no. 2 had also indulged in self trades in a similar fashion resulting in creation of artificial volumes in the scrip of VSL and DMCIL. These <\/span><\/span>self-trades we<\/span><\/span>re used as a tool for generating artificial volume and in creating a misleading appearance of trading in a scrip. <\/span><\/span><\/p>\n

The Tribunal also cited <\/span><\/span>the <\/span><\/span>matter of <\/span><\/span>Chirag Tanna v. The Adjudicating Officer<\/span><\/span>,<\/span><\/span> (DoD-16.06.2011)<\/span><\/span> where<\/span><\/span> the Hon\u2019ble Securities Appellate Tribunal<\/span><\/span>, <\/span><\/span>while dealing with the consequences of self-trades or trades which do not result in the transf<\/span><\/span>er of beneficial ownership, observed that such trades we<\/span><\/span>re admittedly fictitious an<\/span><\/span>d we<\/span><\/span>re executed merely to create artificial volume in the trade<\/span><\/span>d scrip. Normally, such trades we<\/span><\/span>re found to be fictitious and not genuine for the reason that in such<\/span><\/span> trades buyers and sellers remained<\/span><\/span> the same. Therefore, even though there may not be an abnormal movement in the price of a scrip, entities who are alleged to have indulged in such trades, which don\u2019t result in change of beneficial ownership and where entities fail to explain the circumstances for resorting to execution of self-trades, it would not be proper to permit self- trades without any imputation merely on the ground that such trades had not caused any movement in the price of the scrip or the entities had no <\/span><\/span>mala<\/span><\/span> fide<\/span><\/span> intention to manipulate the scrip. <\/span><\/span><\/p>\n

The Tribunal held that <\/span><\/span>self-trades exec<\/span><\/span>uted by the two Noticees satisfied<\/span><\/span> all the ingredient<\/span><\/span>s<\/span><\/span> to be held as trades executed with an intention to create artificial volumes in the scrip. Therefore, self-<\/span><\/span>trades executed by the Noticee we<\/span><\/span>re<\/span><\/span> found to be<\/span><\/span> fraudulent and unfair trades<\/span><\/span> executed with manipulative intent. <\/span><\/span><\/p>\n

In view of the aforesaid violations <\/span><\/span>the Tribunal <\/span><\/span>in exercise of<\/span><\/span> the powers conferred upon it<\/span><\/span> under Sections 11(1), 11(4) and 11B read with Section 19 of the Securities and Exchange <\/span><\/span>Board of India Act, 1992, passed an order restraining<\/span><\/span> the Noticees from accessing the securities market and further prohibit them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, for <\/span><\/span>a <\/span><\/span>period<\/span><\/span> of two years <\/span><\/span>, <\/span><\/span>from the date of the<\/span><\/span> order. During the period of restraint, the existing <\/span><\/span>holding of securities including units of mutual funds, of the Noticees <\/span><\/span>was to remain frozen.\u00a0<\/span><\/span>[<\/span><\/span>Vertex Spinning Ltd. and DMC International Ltd., In Re, <\/span><\/span>WTM\/SKM\/EFD1-DRA2\/29\/2019<\/span><\/span>, decided on 29-10<\/span><\/span>-2019]<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Securities and Exchange Board of India (SEBI): S.K. Mohanty, (Whole Time Member) by order prohibited the Noticees from accessing the securities market <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[],"class_list":["post-221641","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies"],"yoast_head":"\nSEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market\" \/>\n<meta property=\"og:description\" content=\"Securities and Exchange Board of India (SEBI): S.K. Mohanty, (Whole Time Member) by order prohibited the Noticees from accessing the securities market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-01T06:53:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-04T09:23:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/SEBI1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/\",\"name\":\"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market | SCC Times\",\"isPartOf\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\"},\"datePublished\":\"2019-11-01T06:53:10+00:00\",\"dateModified\":\"2019-11-04T09:23:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.scconline.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\",\"url\":\"https:\/\/www.scconline.com\/blog\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.scconline.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a\",\"name\":\"Bhumika Indulia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg\",\"contentUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg\",\"caption\":\"Bhumika Indulia\"},\"url\":\"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market | SCC Times","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/","og_locale":"en_US","og_type":"article","og_title":"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market","og_description":"Securities and Exchange Board of India (SEBI): S.K. Mohanty, (Whole Time Member) by order prohibited the Noticees from accessing the securities market","og_url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2019-11-01T06:53:10+00:00","article_modified_time":"2019-11-04T09:23:04+00:00","og_image":[{"width":1330,"height":887,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/SEBI1.jpg","type":"image\/jpeg"}],"author":"Bhumika Indulia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bhumika Indulia","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/","url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/","name":"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"datePublished":"2019-11-01T06:53:10+00:00","dateModified":"2019-11-04T09:23:04+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a"},"breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/01\/sebi-high-volumes-of-self-trades-executed-by-the-noticees-could-not-have-any-purpose-other-than-to-create-artificial-volumes-and-misleading-appearances-of-trading-in-the-scrips-thereby-adversely-imp\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"SEBI | High volumes of self-trades executed by Noticees could not have any purpose other than to create artificial volumes and misleading appearances of trading in scrips thereby adversely impacting market"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/919ec47cc1b871b362af05740398033a","name":"Bhumika Indulia","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Me-150x150.jpg","caption":"Bhumika Indulia"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/editor_1\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":260041,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/14\/twitter-telegram-and-the-tattered-chances\/","url_meta":{"origin":221641,"position":0},"title":"SEBI | Twitter, Telegram and the tattered chances-Illicit act of swindlers recommending stock tips on social media; Tribunal acts immediately\u00a0","author":"Editor","date":"January 14, 2022","format":false,"excerpt":"Securities Exchange Board of India (SEBI): SK Mohanty, Whole Time Member, while acting immediately on the matter, was of the opinion that the Noticees were liable to be held jointly and severally responsible for active collusion, for the unlawful gain through illicit means. And further directed to disgorge the amount\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":329280,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/08\/23\/sebi-imposes-monetary-penalty-on-anil-ambani-legal-news\/","url_meta":{"origin":221641,"position":1},"title":"SEBI bans Reliance Home Finance Limited and 23 other entities for 5 years; imposes penalty of Rs. 25 crores on each entity","author":"Kriti","date":"August 23, 2024","format":false,"excerpt":"SEBI penalizes Anil Ambani for siphoning of funds from public listed companies, RHFL","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"penalty on Anil Ambani","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/penalty-on-Anil-Ambani.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/penalty-on-Anil-Ambani.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/penalty-on-Anil-Ambani.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/penalty-on-Anil-Ambani.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":242107,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/11\/sebi-grants-limited-relaxation-to-noticees-for-inter-alia-availing-benefits-of-corporate-actions-during-restraint-period\/","url_meta":{"origin":221641,"position":2},"title":"SEBI grants limited relaxation to Noticees for inter alia availing benefits of corporate actions during restraint period","author":"Editor","date":"January 11, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): G. Mahalingam, (Whole Time Member) has granted limited relaxations to the noticee, namely N. Ravichandran, Anita Ravichandran and Hemant Patel, for inter alia availing benefits of corporate actions during the restraint period, dematerializing physical shares and extension of timeline for selling shares lying\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":252159,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/03\/sebi-3\/","url_meta":{"origin":221641,"position":3},"title":"SEBI | Deliberate act of creating fictitious volumes distorting market equilibrium suffers a monetary penalty even in the absence of disproportionate gains","author":"Editor","date":"August 3, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): Maninder Cheema, Adjudicating Officer, while affirming the violations under Regulation 3 (a), (b), (c), (d) and 4 (1) and 4(2)(a) of PFUTP Regulations, imposed a monetary penalty of \u00a0Rupees Five Lakh, under Section 15-I of SEBI Act. In the instant case, it was\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":242098,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/11\/sebi-permitting-investors-to-receive-a-portfolio-management-service-from-an-unregistered-entity-causes-irreparable-injury-to-the-development-of-securities-market-as-the-objective-of-sebi-is-not-only\/","url_meta":{"origin":221641,"position":4},"title":"SEBI | Permitting investors to receive portfolio management services from unregistered entity causes irreparable injury to securities market; SEBI’s objective not only protection of investors but also orderly development of market","author":"Editor","date":"January 11, 2021","format":false,"excerpt":"Security and Exchange Board of India (SEBI): Madhabi Puri Buch, (Whole Time Member) imposed certain restrictions on GJ Advisory Services and Profit Ideas Advisory Services (\u201cNoticees\u201d) for indulging in unregistered Portfolio Management Services. SEBI received several complaints against noticees alleging unregistered portfolio management activities. On examination, the Board noticed that\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":358081,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/28\/no-misleading-youtube-evidence-in-hemo-organic-ltd-stock-activity-sebi\/","url_meta":{"origin":221641,"position":5},"title":"SEBI finds no evidence of misleading YouTube promotions in Hemo Organic Ltd. stock activity; disposes of proceedings against the noticees","author":"Editor","date":"August 28, 2025","format":false,"excerpt":"SEBI held that the material available on record was not sufficient to ascertain whether the Noticees disseminated misleading information in the scrip of Hemo Organic Ltd. to public through video on YouTube channels viz. \u201cMoney Wise\u201d and \u201cThe Advisor\u201d.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Hemo Organic Ltd. misleading YouTube promotion","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Hemo-Organic-Ltd.-misleading-YouTube-promotion.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Hemo-Organic-Ltd.-misleading-YouTube-promotion.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Hemo-Organic-Ltd.-misleading-YouTube-promotion.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Hemo-Organic-Ltd.-misleading-YouTube-promotion.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/221641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=221641"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/221641\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=221641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=221641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=221641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}