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October 24, 2005
PR No. 142/2005
ORDER AGAINST JAY SHAH IN THE MATTER OF IFSL LTD. (FORMERLY INTERLINK FINANCIAL SERVICES
LTD.)
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SEBI vide order dated October 24, 2005 has issued the following directions in the matter of IFSL Ltd.
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| a. |
That the client Jay Shah is hereby directed not to buy, sell or deal in any securities, directly or indirectly, till further directions in this regard.
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| b. |
The broker Pilot Credit Capital Ltd is hereby directed not to buy, sell or deal in the scrip of IFSL on behalf of Jay Shah or any of other client as mentioned in the SEBI Order dated September 28, 2005.
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| c. |
The depositories shall not give effect to any transactions in respect of securities lying in the beneficial owner account of Jay Shah, till further directions in this regard. |
All the above directions shall take effect immediately and shall be in force until further orders.
The above order has been passed by Shri G Anantharaman, Whole Time Member, SEBI in the following context:
Based on the findings of preliminary investigations, SEBI had earlier passed order dated September 28, 2005 prohibiting inter-alia Jay Shah from dealing in the scrip of IFSL. It has come to the notice of SEBI that the said Jay Shah during the period of SEBI�s prohibition has been found to be dealing in the shares of IFSL Ltd. through another broker viz. Pilot Credit Capital Ltd., a member of BSE Ltd.
It is noticed that Jay Shah was aware of the prohibitory order imposed upon him by SEBI but deliberately chose to ignore it and traded in the shares of IFSL Ltd. on October 11, 2005 and October 14, 2005 while the prohibition was in force. It was found that Jay Shah has willfully and knowingly dealt in the shares of IFSL Ltd., while paying scant regard to the SEBI Order dated September 28, 2005.
The above developments in the share of the company warranted an immediate inquiry in to the dealings of Jay Shah in the shares of IFSL Ltd. While the inquiry is in progress, based on findings of the preliminary inquiry, SEBI has issued the above directions.
Mumbai
October 24, 2005
For full copy of order against JAY J.SHAH, click here.
For full copy of order against PILOT CREDIT CAPITAL LTD., click here.
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