June 26, 2007
PR No. 208/2007

Orders against Shri Heerachand Salecha, Shri Jatin R. Shah and M/s. Agarwal Shares & Finance Pvt. Ltd.

Dr. T.C.Nair, Whole Time Member, SEBI has passed Orders dated June 22, 2007 against Shri Heerachand Salecha, Shri Jatin R. Shah and M/s. Agarwal Shares & Finance Pvt. Ltd. for their fraudulent and manipulative trading in the scrip of M/s. Gujarat Fiscon Ltd. It was observed that said individuals/ entity created artificial volume in the otherwise illiquid scrip and manipulated the price of the scrip. It was also observed that Shri Heerachand Salecha had acted as the nodal agency in the whole process of manipulation.

In the said Orders Shri Heerachand Salecha has been debarred from accessing the securities market and prohibited from buying, selling or dealing in securities, either directly or indirectly, for a period of six months. Shri Jatin R. Shah and M/s. Agarwal Shares & Finance Pvt. Ltd. have been debarred from accessing the securities market and prohibited from buying, selling or dealing in securities, either directly or indirectly, for a period of three months.

The above orders shall come into force with immediate effect.

Mumbai

June 26, 2007

For full copy of order against AGARWAL SHARES & FINANCE PVT.LTD., click here.

For full copy of order against HEERACHAND SALECHA, click here.

For full copy of order against JATIN R.SHAH, click here.