Adjudication Order against S.P. Jain Securities Pvt. Ltd. in the matter of Ad...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations by S. P. Jain Securities Pvt. Ltd. The order finds that:
1) S. P. Jain is alleged to have aided manipulation in the shares of Adani Exports Ltd. by executing synchronized trades for a client between 2004-2005.
2) However, the order finds there is insufficient evidence that S. P. Jain was aware of the nature of the trades or had colluded with any parties to engage in manipulation.
3) Given the lack of clear evidence, the order concludes the allegations that S. P. Jain violated securities market regulations and codes of conduct have not been
Adjudication Order against Shree Hari Hira Stock Broking (P).pdfHindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations of market manipulation regulations by Shree Hari Hira Stock Broking (P) Ltd. The order finds that while one of Shree Hari Hira's clients engaged in suspicious synchronized trading, there is insufficient evidence to prove Shree Hari Hira was complicit or aware of manipulative intent. As a result, the adjudicating officer concludes the allegations against Shree Hari Hira are not established and the matter is disposed of.
Adjudication Order against Shree Hari Hira Stock Broking (P) Ltd. in the matt...Hindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations of market manipulation regulations by Shree Hari Hira Stock Broking (P) Ltd. The order finds that while one of Shree Hari Hira's clients engaged in suspicious synchronized trading, there is insufficient evidence to prove that Shree Hari Hira was aware of or complicit in the client's actions. As a result, the adjudicating officer concludes that the allegations against Shree Hari Hira have not been established and the matter is disposed of.
Adjudication order against Ms Rajendra Jayantilal Shah in the matter of Adani...Hindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by Rajendra Jayantilal Shah, a sub-broker. SEBI investigated trading in the shares of Adani Exports Limited and alleged that through collusion, certain entities created artificial volumes and prices in the stock. It was alleged that Shah, trading for a client, engaged in synchronized and reversed trades that lacked real beneficial ownership changes and aimed to manipulate the stock price and volume. Shah claimed his client was a jobber and he had no reason to suspect wrongdoing. However, SEBI found Shah violated regulations against fraudulent trades and failed to properly oversee his client's suspicious pattern of trading. Shah was
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by Rajendra Jayantilal Shah, a sub-broker. SEBI investigated trading in the shares of Adani Exports Limited and alleged that through collusion, certain entities created artificial volumes and prices in the stock. It was alleged that Shah, trading for a client, engaged in synchronized and reversed trades that lacked real beneficial ownership changes and aimed to manipulate the stock price and volume. Shah claimed his client was a jobber and he had no reason to suspect wrongdoing. However, SEBI found Shah facilitated manipulation in violation of regulations based on trading patterns and failed to properly oversee his client's activities.
Adjudication order against Ms Rajendra Jayantilal Shah (1).pdfHindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by Rajendra Jayantilal Shah, a sub-broker. SEBI investigated trading in the shares of Adani Exports Limited and alleged that through collusion, certain entities created artificial volumes and prices in the stock. It was alleged that Shah, trading for a client, engaged in synchronized and reversed trades that lacked real beneficial ownership changes and aimed to manipulate the stock price and volume. Shah claimed his client was a jobber and he had no reason to suspect wrongdoing. However, SEBI found Shah violated regulations against fraudulent trades and failed to properly oversee his client's suspicious pattern of trading. Shah was
The Adjudicating Officer found that Rajanikant Mishra violated securities regulations by executing fraudulent trades in shares of Adani Exports Ltd. that created a false appearance of trading and price manipulation without actual change in beneficial ownership. Mishra placed synchronized buy and sell orders within seconds through multiple broker accounts. While Mishra denied the charges, the Officer determined the trades served no purpose other than manipulation based on factors like timing and counterparties. As a penalty, the Officer imposed a fine of 300,000 rupees on Mishra for violating unfair trade practice prohibitions.
Adjudication order against Shri Rajanikant B. Mishra in the matter of Adani E...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations of securities trading regulations by Rajanikant B. Mishra related to trading in the shares of Adani Exports Ltd. during two periods in 2004-2005. SEBI investigated suspicious trading in AEL shares, including synchronized trades and artificial price fluctuations. The order examines Mishra's trading data and finds evidence that his buy and sell orders within 60 seconds of each other without real change in ownership, indicating manipulation to inflate or depress prices. Mishra denies the charges but the evidence found shows violations of regulations against fraudulent and unfair trading practices.
Adjudication Order against S.P. Jain Securities Pvt. Ltd. in the matter of Ad...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations by S. P. Jain Securities Pvt. Ltd. The order finds that:
1) S. P. Jain is alleged to have aided manipulation in the shares of Adani Exports Ltd. by executing synchronized trades for a client between 2004-2005.
2) However, the order finds there is insufficient evidence that S. P. Jain was aware of the nature of the trades or had colluded with any parties to engage in manipulation.
3) Given the lack of clear evidence, the order concludes the allegations that S. P. Jain violated securities market regulations and codes of conduct have not been
Adjudication Order against Shree Hari Hira Stock Broking (P).pdfHindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations of market manipulation regulations by Shree Hari Hira Stock Broking (P) Ltd. The order finds that while one of Shree Hari Hira's clients engaged in suspicious synchronized trading, there is insufficient evidence to prove Shree Hari Hira was complicit or aware of manipulative intent. As a result, the adjudicating officer concludes the allegations against Shree Hari Hira are not established and the matter is disposed of.
Adjudication Order against Shree Hari Hira Stock Broking (P) Ltd. in the matt...Hindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations of market manipulation regulations by Shree Hari Hira Stock Broking (P) Ltd. The order finds that while one of Shree Hari Hira's clients engaged in suspicious synchronized trading, there is insufficient evidence to prove that Shree Hari Hira was aware of or complicit in the client's actions. As a result, the adjudicating officer concludes that the allegations against Shree Hari Hira have not been established and the matter is disposed of.
Adjudication order against Ms Rajendra Jayantilal Shah in the matter of Adani...Hindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by Rajendra Jayantilal Shah, a sub-broker. SEBI investigated trading in the shares of Adani Exports Limited and alleged that through collusion, certain entities created artificial volumes and prices in the stock. It was alleged that Shah, trading for a client, engaged in synchronized and reversed trades that lacked real beneficial ownership changes and aimed to manipulate the stock price and volume. Shah claimed his client was a jobber and he had no reason to suspect wrongdoing. However, SEBI found Shah violated regulations against fraudulent trades and failed to properly oversee his client's suspicious pattern of trading. Shah was
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by Rajendra Jayantilal Shah, a sub-broker. SEBI investigated trading in the shares of Adani Exports Limited and alleged that through collusion, certain entities created artificial volumes and prices in the stock. It was alleged that Shah, trading for a client, engaged in synchronized and reversed trades that lacked real beneficial ownership changes and aimed to manipulate the stock price and volume. Shah claimed his client was a jobber and he had no reason to suspect wrongdoing. However, SEBI found Shah facilitated manipulation in violation of regulations based on trading patterns and failed to properly oversee his client's activities.
Adjudication order against Ms Rajendra Jayantilal Shah (1).pdfHindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by Rajendra Jayantilal Shah, a sub-broker. SEBI investigated trading in the shares of Adani Exports Limited and alleged that through collusion, certain entities created artificial volumes and prices in the stock. It was alleged that Shah, trading for a client, engaged in synchronized and reversed trades that lacked real beneficial ownership changes and aimed to manipulate the stock price and volume. Shah claimed his client was a jobber and he had no reason to suspect wrongdoing. However, SEBI found Shah violated regulations against fraudulent trades and failed to properly oversee his client's suspicious pattern of trading. Shah was
The Adjudicating Officer found that Rajanikant Mishra violated securities regulations by executing fraudulent trades in shares of Adani Exports Ltd. that created a false appearance of trading and price manipulation without actual change in beneficial ownership. Mishra placed synchronized buy and sell orders within seconds through multiple broker accounts. While Mishra denied the charges, the Officer determined the trades served no purpose other than manipulation based on factors like timing and counterparties. As a penalty, the Officer imposed a fine of 300,000 rupees on Mishra for violating unfair trade practice prohibitions.
Adjudication order against Shri Rajanikant B. Mishra in the matter of Adani E...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India regarding alleged violations of securities trading regulations by Rajanikant B. Mishra related to trading in the shares of Adani Exports Ltd. during two periods in 2004-2005. SEBI investigated suspicious trading in AEL shares, including synchronized trades and artificial price fluctuations. The order examines Mishra's trading data and finds evidence that his buy and sell orders within 60 seconds of each other without real change in ownership, indicating manipulation to inflate or depress prices. Mishra denies the charges but the evidence found shows violations of regulations against fraudulent and unfair trading practices.
Adjudication Order against Shri Santosh Gade in the matter of Adani Exports L...Hindenburg Research
The Securities and Exchange Board of India investigated trading in the shares of Adani Exports Ltd during two periods and found that Santosh Gade had engaged in fraudulent trades that created artificial volume and distorted the market price. Gade traded heavily through two brokers and engaged in synchronized and reversal trades without real change in ownership. As Gade did not respond to the show cause notice, the adjudicating officer concluded Gade violated market manipulation regulations and imposed a monetary penalty of 100,000 rupees.
The Securities and Exchange Board of India investigated trading in the shares of Adani Exports Ltd during two periods and found that Santosh Gade engaged in fraudulent trades that created artificial volume and distorted the market price. Gade executed large numbers of reversal trades without real change in ownership and also traded with himself through different brokers, indicating fictitious trades. As Gade did not respond to the show cause notice, he was found to have violated securities market regulations. An adjudicating officer imposed a monetary penalty of 100,000 rupees on Gade for his fraudulent trading practices.
Adjudication order against Ms S.P.J. Stock Brokers Pvt. Ltd. in the matter of...Hindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) against M/s. S.P.J. Stock Brokers Pvt. Limited regarding alleged violations of securities trading regulations. SEBI investigated trading in the shares of Adani Exports Limited and found that S.P.J. Stock Brokers executed large synchronized trades that appeared intended to artificially influence the share price and trading volume. SEBI alleges this violated prohibitions against market manipulation, fraudulent trades, and circular trading. After considering materials and a hearing, the adjudicating officer found S.P.J. Stock Brokers violated regulations against fraudulent and unfair trading practices and broker conduct rules, and would be subject to
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) against M/s. S.P.J. Stock Brokers Pvt. Limited regarding alleged violations of securities trading regulations. SEBI investigated trading in the shares of Adani Exports Limited and found that S.P.J. Stock Brokers executed large synchronized trades that created artificial volumes and prices in the shares, without real changes in beneficial ownership. SEBI determined that these trades violated prohibitions against fraudulent and manipulative practices. As a result, SEBI found S.P.J. Stock Brokers liable for penalties under relevant sections of SEBI regulations.
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) against M/s. S.P.J. Stock Brokers Pvt. Limited for alleged violations of securities trading regulations. SEBI investigated trading in the shares of Adani Exports Limited and found that S.P.J. Stock Brokers executed large synchronized trades that appeared aimed at artificially inflating prices and volumes. After considering trading data and a hearing with the brokerage, SEBI found S.P.J. Stock Brokers violated regulations against fraudulent and manipulative trading practices. As a result, SEBI determined penalties should be imposed on the brokerage under relevant sections of India's securities laws.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Sunil Kuril for fraudulent trading. The order found that Kuril executed a large number of reversal trades in Adani Exports Ltd shares, creating artificial volume and misleading appearances without real changes in ownership. This violated regulations against fraudulent and unfair trading practices. Based on the evidence, the adjudicating officer imposed a penalty of 100,000 rupees on Kuril for his violations.
Adjudication Order against Shri Sunil Kuril in the matter of Adani Exports Lt...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Sunil Kuril for fraudulent trading. The order found that Kuril executed a large number of reversal trades in Adani Exports Ltd shares, creating artificial volume and price manipulation without real change in ownership. This violated securities market regulations. Based on the evidence, the adjudicating officer imposed a penalty of 100,000 rupees on Kuril for the fraudulent trading.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Haresh Posnak for fraudulent trading in shares of Adani Exports Ltd. The order finds that Posnak engaged in synchronized and reversal trades that created artificial volume and distorted the market price without any change in beneficial ownership. As Posnak did not respond to the allegations, the charges were deemed admitted. Considering the fraudulent nature of the trading and factors specified in the SEBI Act, a penalty of 100,000 rupees was imposed.
Adjudication Order against Shri Haresh Posnak in the matter of Adani Exports ...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Haresh Posnak for fraudulent trading in shares of Adani Exports Ltd. The order finds that Posnak engaged in synchronized and reversal trades that created artificial volume and distorted the market price without any change in beneficial ownership. As Posnak did not respond to the allegations, the charges were deemed admitted. Considering the fraudulent nature of the trading and factors specified in the SEBI Act, a penalty of 100,000 rupees was imposed.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Shri Nrupesh C. Shah for fraudulent trading in the shares of Adani Exports Ltd. The order finds that Mr. Shah engaged in reversal trades without real change in beneficial ownership, creating artificial volume and misleading the market. While Mr. Shah requested extensions and consented to proceedings, he did not ultimately file a reply to the show cause notice. Based on the evidence, the adjudicating officer concludes Mr. Shah violated securities market regulations and imposes a penalty of 500,000 Indian rupees.
Adjudication Order against Shri Nrupesh C. Shah in the matter of Adani Export...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Shri Nrupesh C. Shah for fraudulent trading in the shares of Adani Exports Ltd. The order finds that Mr. Shah executed reversal trades without real change in beneficial ownership, creating artificial volume and misleading the market. While Mr. Shah did not provide any explanation, his trading pattern showed trades were not intended to transfer ownership but rather inflate prices. As such, the order concludes Mr. Shah violated securities market regulations and imposes a penalty of 500,000 Indian rupees.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Shri Nrupesh C. Shah for fraudulent trading in shares of Adani Exports Ltd. The order finds that Mr. Shah engaged in reversal trades without real change in beneficial ownership, creating artificial volume and misleading the market. While Mr. Shah requested extensions and consented to proceedings, he did not file a substantive reply. Considering the fraudulent trading and lack of explanation, the adjudicating officer imposed a penalty of 500,000 Indian rupees.
Adjudication order against Ms Ess Ess Intermediaries Pvt. Ltd..pdfHindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by M/s. Ess Ess Intermediaries Pvt. Limited. SEBI investigated trading in the shares of Adani Exports Limited and found evidence of artificial trading volumes and price manipulation. It was alleged that Ess Ess, as a sub-broker, aided and facilitated manipulation in the stock by executing large synchronized and reversed trades for a client on an intraday basis without real beneficial ownership changes. After considering the evidence and findings, the adjudicating officer concluded that Ess Ess violated SEBI regulations regarding fraudulent and unfair trading practices and its code of conduct as a sub-broker.
This document is an order from an Adjudicating Officer at the Securities and Exchange Board of India regarding alleged violations by M/s. Ess Ess Intermediaries Pvt. Limited. It is alleged that Ess Ess facilitated manipulation in the shares of Adani Exports Limited by executing suspicious trades for a client that inflated volumes and prices without real changes in ownership. The order examines evidence such as synchronized trades, self-trades, and reversals to determine if Ess Ess violated securities regulations regarding fraudulent or unfair trading practices and its duties as a sub-broker. Based on the evidence, the Adjudicating Officer finds that the allegations against Ess Ess regarding these violations are proven.
The Adjudicating Officer at the Securities and Exchange Board of India investigated Mahesh Bissa for allegedly engaging in fraudulent and manipulative trading in the shares of Adani Exports Ltd. during 2004-2005. While Bissa did not respond to the allegations, he admitted to the trading during a hearing. The Officer found that Bissa executed large reversal trades with only a few counterparties, creating artificial volume without real ownership changes. As violations were established, the Officer imposed a monetary penalty of 500,000 rupees on Bissa under the relevant SEBI regulations and acts.
Adjudication Order against Shri Mahesh H. Bissa in the matter of Adani Export...Hindenburg Research
The Adjudicating Officer at the Securities and Exchange Board of India investigated Mahesh Bissa for allegedly engaging in fraudulent and manipulative trading in the shares of Adani Exports Ltd. during 2004-2005. While Bissa did not respond to the allegations, he admitted to the trading during a hearing. The Officer found that Bissa executed large reversal trades with only a few counterparties, creating artificial volume without real ownership changes. As a result, the Officer concluded Bissa violated market manipulation regulations and imposed a monetary penalty of 500,000 rupees.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Jitesh Seth for fraudulent trading activities. The order finds that Seth engaged in synchronized and reversal trades of shares in Adani Exports Ltd, creating artificial volume and manipulating the stock price without real transfer of ownership. Based on analysis of trading patterns and in line with precedents, the order concludes Seth violated market regulations. A penalty of 100,000 rupees is imposed, considering the available information on gains/losses.
Adjudication Order against Shri Jitesh Seth in the matter of Adani Exports Lt...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Jitesh Seth for fraudulent trading activities. The order finds that Seth engaged in synchronized and reversal trades of shares in Adani Exports Ltd, creating artificial volume and manipulating the stock price without real transfer of ownership. As a result, Seth violated securities market regulations. Considering the available evidence and factors, the adjudicating officer imposed a penalty of 100,000 Indian rupees.
The Adjudicating Officer investigated Manoj Shah for allegedly engaging in fraudulent trades that created artificial volume and manipulated the price of Adani Exports Ltd stock between 2004 and 2005. After considering evidence of synchronized trades where beneficial ownership did not change, the Officer determined Shah violated securities market regulations. While the gains and losses could not be quantified, the Officer imposed a penalty of 200,000 rupees given the default committed.
The Adjudicating Officer investigated Manoj Shah for allegedly engaging in fraudulent trades that created artificial volume and manipulated the price of Adani Exports Ltd stock between 2004 and 2005. After considering evidence of synchronized trades without beneficial ownership changes, the Officer determined Shah violated securities market regulations. Shah was fined 200,000 rupees for his role in the fraudulent trading scheme.
This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
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Adjudication Order against Shri Santosh Gade in the matter of Adani Exports L...Hindenburg Research
The Securities and Exchange Board of India investigated trading in the shares of Adani Exports Ltd during two periods and found that Santosh Gade had engaged in fraudulent trades that created artificial volume and distorted the market price. Gade traded heavily through two brokers and engaged in synchronized and reversal trades without real change in ownership. As Gade did not respond to the show cause notice, the adjudicating officer concluded Gade violated market manipulation regulations and imposed a monetary penalty of 100,000 rupees.
The Securities and Exchange Board of India investigated trading in the shares of Adani Exports Ltd during two periods and found that Santosh Gade engaged in fraudulent trades that created artificial volume and distorted the market price. Gade executed large numbers of reversal trades without real change in ownership and also traded with himself through different brokers, indicating fictitious trades. As Gade did not respond to the show cause notice, he was found to have violated securities market regulations. An adjudicating officer imposed a monetary penalty of 100,000 rupees on Gade for his fraudulent trading practices.
Adjudication order against Ms S.P.J. Stock Brokers Pvt. Ltd. in the matter of...Hindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) against M/s. S.P.J. Stock Brokers Pvt. Limited regarding alleged violations of securities trading regulations. SEBI investigated trading in the shares of Adani Exports Limited and found that S.P.J. Stock Brokers executed large synchronized trades that appeared intended to artificially influence the share price and trading volume. SEBI alleges this violated prohibitions against market manipulation, fraudulent trades, and circular trading. After considering materials and a hearing, the adjudicating officer found S.P.J. Stock Brokers violated regulations against fraudulent and unfair trading practices and broker conduct rules, and would be subject to
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) against M/s. S.P.J. Stock Brokers Pvt. Limited regarding alleged violations of securities trading regulations. SEBI investigated trading in the shares of Adani Exports Limited and found that S.P.J. Stock Brokers executed large synchronized trades that created artificial volumes and prices in the shares, without real changes in beneficial ownership. SEBI determined that these trades violated prohibitions against fraudulent and manipulative practices. As a result, SEBI found S.P.J. Stock Brokers liable for penalties under relevant sections of SEBI regulations.
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) against M/s. S.P.J. Stock Brokers Pvt. Limited for alleged violations of securities trading regulations. SEBI investigated trading in the shares of Adani Exports Limited and found that S.P.J. Stock Brokers executed large synchronized trades that appeared aimed at artificially inflating prices and volumes. After considering trading data and a hearing with the brokerage, SEBI found S.P.J. Stock Brokers violated regulations against fraudulent and manipulative trading practices. As a result, SEBI determined penalties should be imposed on the brokerage under relevant sections of India's securities laws.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Sunil Kuril for fraudulent trading. The order found that Kuril executed a large number of reversal trades in Adani Exports Ltd shares, creating artificial volume and misleading appearances without real changes in ownership. This violated regulations against fraudulent and unfair trading practices. Based on the evidence, the adjudicating officer imposed a penalty of 100,000 rupees on Kuril for his violations.
Adjudication Order against Shri Sunil Kuril in the matter of Adani Exports Lt...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Sunil Kuril for fraudulent trading. The order found that Kuril executed a large number of reversal trades in Adani Exports Ltd shares, creating artificial volume and price manipulation without real change in ownership. This violated securities market regulations. Based on the evidence, the adjudicating officer imposed a penalty of 100,000 rupees on Kuril for the fraudulent trading.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Haresh Posnak for fraudulent trading in shares of Adani Exports Ltd. The order finds that Posnak engaged in synchronized and reversal trades that created artificial volume and distorted the market price without any change in beneficial ownership. As Posnak did not respond to the allegations, the charges were deemed admitted. Considering the fraudulent nature of the trading and factors specified in the SEBI Act, a penalty of 100,000 rupees was imposed.
Adjudication Order against Shri Haresh Posnak in the matter of Adani Exports ...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Haresh Posnak for fraudulent trading in shares of Adani Exports Ltd. The order finds that Posnak engaged in synchronized and reversal trades that created artificial volume and distorted the market price without any change in beneficial ownership. As Posnak did not respond to the allegations, the charges were deemed admitted. Considering the fraudulent nature of the trading and factors specified in the SEBI Act, a penalty of 100,000 rupees was imposed.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Shri Nrupesh C. Shah for fraudulent trading in the shares of Adani Exports Ltd. The order finds that Mr. Shah engaged in reversal trades without real change in beneficial ownership, creating artificial volume and misleading the market. While Mr. Shah requested extensions and consented to proceedings, he did not ultimately file a reply to the show cause notice. Based on the evidence, the adjudicating officer concludes Mr. Shah violated securities market regulations and imposes a penalty of 500,000 Indian rupees.
Adjudication Order against Shri Nrupesh C. Shah in the matter of Adani Export...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Shri Nrupesh C. Shah for fraudulent trading in the shares of Adani Exports Ltd. The order finds that Mr. Shah executed reversal trades without real change in beneficial ownership, creating artificial volume and misleading the market. While Mr. Shah did not provide any explanation, his trading pattern showed trades were not intended to transfer ownership but rather inflate prices. As such, the order concludes Mr. Shah violated securities market regulations and imposes a penalty of 500,000 Indian rupees.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Shri Nrupesh C. Shah for fraudulent trading in shares of Adani Exports Ltd. The order finds that Mr. Shah engaged in reversal trades without real change in beneficial ownership, creating artificial volume and misleading the market. While Mr. Shah requested extensions and consented to proceedings, he did not file a substantive reply. Considering the fraudulent trading and lack of explanation, the adjudicating officer imposed a penalty of 500,000 Indian rupees.
Adjudication order against Ms Ess Ess Intermediaries Pvt. Ltd..pdfHindenburg Research
This document is an adjudication order from the Securities and Exchange Board of India (SEBI) regarding alleged violations committed by M/s. Ess Ess Intermediaries Pvt. Limited. SEBI investigated trading in the shares of Adani Exports Limited and found evidence of artificial trading volumes and price manipulation. It was alleged that Ess Ess, as a sub-broker, aided and facilitated manipulation in the stock by executing large synchronized and reversed trades for a client on an intraday basis without real beneficial ownership changes. After considering the evidence and findings, the adjudicating officer concluded that Ess Ess violated SEBI regulations regarding fraudulent and unfair trading practices and its code of conduct as a sub-broker.
This document is an order from an Adjudicating Officer at the Securities and Exchange Board of India regarding alleged violations by M/s. Ess Ess Intermediaries Pvt. Limited. It is alleged that Ess Ess facilitated manipulation in the shares of Adani Exports Limited by executing suspicious trades for a client that inflated volumes and prices without real changes in ownership. The order examines evidence such as synchronized trades, self-trades, and reversals to determine if Ess Ess violated securities regulations regarding fraudulent or unfair trading practices and its duties as a sub-broker. Based on the evidence, the Adjudicating Officer finds that the allegations against Ess Ess regarding these violations are proven.
The Adjudicating Officer at the Securities and Exchange Board of India investigated Mahesh Bissa for allegedly engaging in fraudulent and manipulative trading in the shares of Adani Exports Ltd. during 2004-2005. While Bissa did not respond to the allegations, he admitted to the trading during a hearing. The Officer found that Bissa executed large reversal trades with only a few counterparties, creating artificial volume without real ownership changes. As violations were established, the Officer imposed a monetary penalty of 500,000 rupees on Bissa under the relevant SEBI regulations and acts.
Adjudication Order against Shri Mahesh H. Bissa in the matter of Adani Export...Hindenburg Research
The Adjudicating Officer at the Securities and Exchange Board of India investigated Mahesh Bissa for allegedly engaging in fraudulent and manipulative trading in the shares of Adani Exports Ltd. during 2004-2005. While Bissa did not respond to the allegations, he admitted to the trading during a hearing. The Officer found that Bissa executed large reversal trades with only a few counterparties, creating artificial volume without real ownership changes. As a result, the Officer concluded Bissa violated market manipulation regulations and imposed a monetary penalty of 500,000 rupees.
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Jitesh Seth for fraudulent trading activities. The order finds that Seth engaged in synchronized and reversal trades of shares in Adani Exports Ltd, creating artificial volume and manipulating the stock price without real transfer of ownership. Based on analysis of trading patterns and in line with precedents, the order concludes Seth violated market regulations. A penalty of 100,000 rupees is imposed, considering the available information on gains/losses.
Adjudication Order against Shri Jitesh Seth in the matter of Adani Exports Lt...Hindenburg Research
The document is an adjudication order from the Securities and Exchange Board of India imposing a monetary penalty on Jitesh Seth for fraudulent trading activities. The order finds that Seth engaged in synchronized and reversal trades of shares in Adani Exports Ltd, creating artificial volume and manipulating the stock price without real transfer of ownership. As a result, Seth violated securities market regulations. Considering the available evidence and factors, the adjudicating officer imposed a penalty of 100,000 Indian rupees.
The Adjudicating Officer investigated Manoj Shah for allegedly engaging in fraudulent trades that created artificial volume and manipulated the price of Adani Exports Ltd stock between 2004 and 2005. After considering evidence of synchronized trades where beneficial ownership did not change, the Officer determined Shah violated securities market regulations. While the gains and losses could not be quantified, the Officer imposed a penalty of 200,000 rupees given the default committed.
The Adjudicating Officer investigated Manoj Shah for allegedly engaging in fraudulent trades that created artificial volume and manipulated the price of Adani Exports Ltd stock between 2004 and 2005. After considering evidence of synchronized trades without beneficial ownership changes, the Officer determined Shah violated securities market regulations. Shah was fined 200,000 rupees for his role in the fraudulent trading scheme.
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This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
1) Osirius Group LLC filed a complaint against Ideanomics Inc. in the United States District Court for the Eastern District of Michigan. Osirius provided engineering services to Via Motors from July 2022 to December 2022, invoicing Via Motors monthly. Via Motors failed to pay the invoices, owing Osirius over $2 million.
2) Ideanomics acquired Via Motors in January 2023 and had previously agreed to pay any remaining debt owed by Via Motors to Osirius. However, Ideanomics failed to pay the outstanding amount owed for Osirius' services.
3) Osirius is suing Ideanomics for breach of contract and
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Adjudication Order against Triveni Management Consultancy Services Ltd. in the matter of Adani Exports Ltd.pdf
1. Page 1 of 9
BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO. PKK/AO/06/2011]
________________________________________________________________
UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA
ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING
INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER)
RULES, 1995
Against
Triveni Management Consultancy Services Ltd.
[Member Broker-NSE, SEBI Regn. No. INB230652831]
[PAN: AABCT4249C]
In the matter of
Adani Exports Ltd.
Background
1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’)
conducted investigation in respect of buying, selling and dealing in the
shares of M/s. Adani Exports Ltd. (hereinafter referred to as ‘AEL ’) for the
period from between July 09, 2004 and January 14, 2005 (hereinafter
referred to as the ‘First Period’) and August 01, 2005 to September 05,
2005 (hereinafter referred to as the ‘Second Period’). The scrip of AEL
was traded on the exchanges with a face value of Rs.10 per share up to
July 27, 2004 and thereafter with a face value of Rs.1. The price of the
scrip of AEL witnessed wide fluctuations in the price ranging from Rs.481
to Rs.756 during the first period and from Rs.64.35 to Rs.74.20 during the
second period.
2. Page 2 of 9
2. The role of the main brokers and clients who had traded heavily during the
period under investigation in the scrip of AEL was scrutinized. The
Investigations revealed that certain entities transacted in the shares of
AEL in a fraudulent manner that led to creation of artificial volume and a
false market. Their trading distorted market equilibrium leading to spurt in
the price which did not have any correlation with the performance of the
company. Triveni Management Consultancy Services Ltd. (hereinafter
referred to as the ‘Noticee’), a stock broker, is alleged to have aided and
facilitated the said manipulation by executing fraudulent trades in the
scrip.
3. SEBI has therefore, initiated adjudication proceedings under the Securities
and Exchange Board of India Act, 1992 (hereinafter referred to as the
‘Act’) against the Noticee to inquire into and adjudge the alleged violations
of the provisions of Regulations 4 (1), 4 (2) (a), (b), (e), (g) & (n) of the
SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to
Securities Market) Regulations, 2003 (hereinafter referred to as the
‘PFUTP Regulations’) and Clauses A (1), (2), (3), (4) & (5) of the Code of
Conduct for Stock Brokers as specified in Schedule II under Regulation 7
of the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992
(hereinafter referred to as the ‘Stock Brokers Regulations’).
Appointment of Adjudicating Officer:
4. SEBI vide Order dated July 24, 2007 appointed Ms. Babita Rayudu as the
Adjudicating Officer (AO) under section 15-I of the Act read with Rule 3 of
SEBI (Procedure for holding Inquiry and Imposing Penalties by
Adjudicating Officer) Rules, 1995 (hereinafter referred to as the
‘Adjudication Rules’) to inquire into and adjudge under Sections 15HA and
15HB of the Act, the alleged violation of the above mentioned provisions
of PFUTP Regulations and the Stock Brokers Regulations. Thereafter,
3. Page 3 of 9
SEBI vide Order dated November 23, 2007 appointed Shri Sandeep
Deore as the AO in the instant matter. SEBI vide Order dated August 17,
2010 appointed the undersigned as AO, consequent to the transfer of Shri
Deore to the Enforcement Department.
Notice, Reply & Personal Hearing
5. The AO issued a Notice bearing no. EAD-2 /SD/AB/129609/2008 dated
June 23, 2008 (hereinafter referred to as ‘SCN’) to the Noticee in terms of
Rule 4 of the Adjudication Rules requiring it to show cause as to why an
inquiry should not be held against it for the alleged violations.
6. It is alleged that one of the Noticee’s clients, Shri Sunil Kuril, had traded
substantially in the scrip of AEL during the First Period and had entered
into synchronized trading with other entities, on NSE. He had allegedly
entered into reversal of trades throughout the period from 15.10.2004 to
14.01.2005. He along with a few other entities had created a volume of
1,29,81,714 shares during the above period. These trades were mostly in
the nature of reversal and of these trades orders for 90,97,854 shares
appear to be synchronized as the buy and sell orders were placed within
time gap of 1-10 Seconds. The said client’s orders for buying 7,81,893
shares and selling 7,78,003 shares appeared to be synchronized. Thus, it
is alleged that the Noticee facilitated the manipulation of the scrip of AEL
by executing transactions that were not genuine resulting in the creation of
a misleading appearance of trading in the scrip of AEL and artificial
volumes.
7. The AO sent the SCN by Registered Post Acknowledgment Due and the
same was duly delivered. The Noticee replied to the SCN vide its letter
dated June 28, 2008 and denied all the charges against it. In the interest
of natural justice and in order to conduct an inquiry as per rule 4 (3) of the
Rules, the AO vide letters dated January 07, 2009 and February 03, 2009
4. Page 4 of 9
granted opportunities of personal hearing to the Noticee on February 02,
2009 and February 18, 2009 respectively. However, the Noticee did not
appear for the said personal hearings. The undersigned vide his letter
dated November 11, 2010 granted another opportunity of personal hearing
to the Noticee on November 19, 2010. The Noticee attended the said
personal hearing. The written and oral submissions of the Noticee are
discussed later in this order.
8. In view of the above, I am proceeding with the inquiry taking into account
the documents and material as available on record.
Consideration of Issues, Evidence and Findings
10. I have carefully perused the charges made against the Noticee mentioned
in the SCN, the written and oral submissions of the Noticee and the
materials and documents available on record. The issues that arise for
consideration in the present case are:
a) Whether the Noticee has violated the provisions of
Regulations 4(1), 4(2) (a), (b), (e), (g) & (n) of PFUTP
Regulations and Clauses A (1), (2), (3), (4) & (5) of the Code of
Conduct for Stock Brokers as specified in Schedule II under
Regulation 7 of the Stock Brokers Regulations?
b) Does the violation, if any, on the part of the Noticee attract any
monetary penalty under Sections 15HA and 15HB of the Act?
c) If yes, what should be the quantum of monetary penalty?
11. Before moving forward, it will be appropriate to refer to the relevant
provisions of PFUTP Regulations and the Stock Brokers Regulations
which read as under:-
5. Page 5 of 9
4. Prohibition of manipulative, fraudulent and unfair trade practices
(1) Without prejudice to the provisions of regulation 3, no person shall
indulge in a fraudulent or an unfair trade practice in securities.
(2) Dealing in securities shall be deemed to be a fraudulent or an unfair
trade practice if it involves fraud and may include all or any of the following,
namely :—
(a) indulging in an act which creates false or misleading appearance of
trading in the securities market;
(b) dealing in a security not intended to effect transfer of beneficial ownership
but intended to operate only as a device to inflate, depress or cause
fluctuations in the price of such security for wrongful gain or avoidance of
loss;
(e) any act or omission amounting to manipulation of the price of a security;
(g) entering into a transaction in securities without intention of performing it
or without intention of change of ownership of such security;
(n) circular transactions in respect of a security entered into between
intermediaries in order to increase commission to provide a false appearance
of trading in such security or to inflate, depress or cause fluctuations in the
price of such security;
Stock Brokers Regulations
Stock brokers to abide by Code of Conduct.
7. The stock broker holding a certificate shall at all times abide by the Code of
Conduct as specified in Schedule II.
Schedule II
Code of Conduct for Stock Brokers
A. General.
(1) Integrity: A stock-broker, shall maintain high standards of integrity,
promptitude and fairness in the conduct of all his business.
6. Page 6 of 9
(2) Exercise of due skill and care: A stock-broker shall act with due skill, care
and diligence in the conduct of all his business.
(3) Manipulation: A stock-broker shall not indulge in manipulative, fraudulent
or deceptive transactions or schemes or spread rumours with a view to
distorting market equilibrium or making personal gains.
(4) Malpractices: A stock-broker shall not create false market either singly or
in concert with others or indulge in any act detrimental to the investors
interest or which leads to interference with the fair and smooth functioning of
the market. A stock-broker shall not involve himself in excessive speculative
business in the market beyond reasonable levels not commensurate with his
financial soundness.
(5) Compliance with statutory requirements: A stock-broker shall abide by all
the provisions of the Act and the rules, regulations issued by the Government,
the Board and the Stock Exchange from time to time as may be applicable to
him.
12. It is alleged that the Noticee had executed a large number of reversal
trades and synchronized trades where the difference between the buy
order and the sell order was few seconds only. However, mere matching
of orders within short time is not sufficient to conclude that the Noticee
was involved in the fraudulent acts of his client. The complicity of the
Noticee in manipulation has to be proved with sufficient evidences.
13. The Hon’ble Securities Appellate Tribunal in the case of Kasat Securities
Pvt. Ltd. vs. SEBI (Appeal No. 27/2006, Date of decision: 20.06.2006)
has held that unless there is material on record to show that the broker
knew that trades by a client were fictitious, it cannot be concluded that the
broker had aided and abetted the client in executing fraudulent
transactions. It was also held that merely because an entity has acted as a
broker cannot lead to the conclusion that it must have known about the
7. Page 7 of 9
nature of the transaction. There has to be some other material on record
to prove that fact.
14. It is therefore clear that even if it is found that the client had executed
fraudulent transactions, the same does not automatically lead to the
conclusion that the broker executing the transactions was involved with his
client in doing so, unless there is sufficient evidence on record to establish
that the broker was aware that the transactions of the client were fictitious.
The Noticee has submitted inter alia that they had exercised due care and
diligence while admitting the said client by obtaining KYC document and
verifying his credentials as well as completing other formalities. The client
was almost regular in discharging his settlement obligations and had
maintained adequate security with them. The nature of the client’s trading
was jobbing and he used to trade in large number of scrips. The Noticee
has further submitted that they were unaware of any nexus between the
client, Shri Sunil Kuril, and other entities who allegedly traded in he
synchronised manner in the scrip. It was impossible for them to suspect
any manipulative role allegedly played by their client Shri Kuril and his
trades do not lead to conclusion that they had aided and abetted the
manipulation in the scrip. They had not executed any proprietary trade in
the scrip and except brokerage they did not make any pecuniary gain. The
client, being a jobber, used to trade in different scrips and he used to
square off his trades almost on the same day. As a stock broker they took
all precautions and exercised due care and diligence in execution of all
trades done by the client, Shri Sunil Kuril. I observe that there is not
sufficient evidence on record which conclusively establishes that the
Noticee was aware of the nature of the trades of its client or that it had
colluded with its client or counterparty brokers or their clients in executing
fictitious transactions. In view of the above, I am inclined to accept the
contentions of the Noticee and give the benefit of doubt to the Noticee.
8. Page 8 of 9
15. In view of the above observations, findings and material on record I
conclude that the allegation of violation of Regulations 4 (1) and 4 (2) (a),
(b), (e), (g) & (n) of the PFUTP Regulations by the Noticee is not
established.
16. The Noticee is also alleged to have violated the Clauses A (1), (2), (3) (4)
& (5) of the Code of Conduct for Stock Brokers as specified in Schedule II
under Regulation 7 of the Stock Brokers Regulations. As stated above, the
allegation of aiding manipulation in the scrip by the Noticee has not been
established. The Noticee has submitted that it had complied with all the
regulatory requirements like execution of KYC, collecting the necessary
documents and information and verifying the antecedents of the client,
collection of initial deposit and margins etc. The Noticee has also
submitted that the said client was a jobber and used to trade in a large
number of scrips. There are not sufficient evidences on record to
conclusively establish that the Noticee failed to maintain high standards of
integrity, promptitude and fairness and to exercise due skill, care and
diligence in the conduct of all his business. In view of the same, I am
inclined to give benefit of doubt to the Noticee. I therefore conclude that
the allegation of violation of Clauses A (1), (2), (3) (4) & (5) of the Code of
Conduct for Stock Brokers as specified in Schedule II under Regulation 7
of the Stock Brokers Regulations by the Noticee does not stand
established.
Order
17. In view of the foregoing, the allegations of violation of the abovementioned
provisions of the PFUTP Regulations and the Stock Brokers Regulations
by the Noticee, as specified in the SCN dated June 23, 2008 do not stand
established and the matter is, accordingly, disposed of.
9. Page 9 of 9
18. In terms of the Rule 6 of the Adjudication Rules, copies of this order are
sent to the Noticee and also to Securities and Exchange Board of India.
Date: January 13, 2011 P K KURIACHEN
Place: Mumbai ADJUDICATING OFFICER