Sebi fines individual for fraud trading in BGIL Films and Technologies

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It was alleged that Jinesh Devendra Bhatt along with other enitities of Brahmbhatt group executed self trades on repeated instances that created artificial volume.

Market regulator Sebi today imposed Rs 3 lakh penalty on an individual for indulging in fraudulent trading in the matter of BGIL Films and Technologies Ltd (BFTL). The Securities and Exchange Board of India (Sebi) had conducted an investigation from June 2008 to March 2009 in the trading of BFTL shares.

It was alleged that Jinesh Devendra Bhatt along with other enitities of Brahmbhatt group executed self trades on repeated instances that created artificial volume.

The self trades were in violation of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations, resulting in positive last trade price.

Self-trades are the trades in which both the buyer and the seller are the same entity and are prohibited by the market watchdog.

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Sebi after the investigation found the "notice (Bhatt) created a misleading appearance of trading in the scrip of the company and manipulated the price of scrip by contributing to Last price along with the other Brahmbhatt entities created artificial volume in the security market through self-trades etc".

"The Notice is liable for the monetary penalty for violating provisions...... of PFUTP regulations," said Adjudicating Officer Sangeeta Rathod.

In separate orders, Sebi imposed a fine of Rs 2 lakh each on Ratnaben Marwadi and Sanjeev Burman Jhaveri for violating disclosures norms in the matter of Super Domestic Machines Ltd.

Jhaveri had acquired additional 5,400 shares of the company that led his stake increasing to 5.02 percent. Similarly, Marwadi had purchased 62,100 shares of the firm and consequently, his shareholding climbed to 5.24 percent. These transactions took place in January 2015.

However, both failed to make these disclosures to the stock exchange as well as to the company and thereby violated SAST (Substantial Acquisition of Shares and Takeovers) and PIT (Prohibition of Insider Trading) Regulations.

Under the norms, any person who crosses the limit of 5 per cent stake in any company needs to disclose the firm about their increased shareholding within two working days.

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