May 10, 2013
PR No. 049/2013
Interim Order in the matter of dealing in the shares of Polytex India Ltd., KGN Enterprises Ltd. and
GEMSTONE Investments Ltd.
Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, passed an ad interim ex -parte order dated May 10, 2013
against Jigar Praful Ghoghari, Kiran Bhiku Bhanaes, Jinal Apurva Rawal, Janak Chimanlal Dave, Dilipkumar
Pukhraj Jain, Bhupesh Harishchandra Rathod, Kishan Balaram Shigvan, Kiran Madhusudan Sheth, Shree Shagun
Financial Services, Oliwonders Financial Services Pvt Ltd and Neevan Capial Markets Private Limited
(related/connected entities) prohibiting them from buying, selling or dealing in securities in any manner whatsoever,
till further directions in the matter of dealing in the scrips of Polytex India Ltd.(PIL), KGN Enterprises Ltd.(KGN) and
Gemstone Investments Ltd.(GEMSTONE).
SEBI had, suo moto, carried out an examination in the scrips of PIL, KGN and GEMSTONE in view of surveillance
alerts regarding variation in price.
During examination of the said scrip, it was observed that;
- Jigar Praful Ghoghari, Kiran Bhiku Bhanaes, Jinal Apurva Rawal, Janak Chimanlal Dave, Dilipkumar Pukhraj
Jain, Bhupesh Harishchandra Rathod, Kishan Balaram Shigvan, Kiran Madhusudan Sheth have received
funds from Pabari- Parikh Group entities who have been barred from accessing securities market by SEBI
vide its order no. -WTM/KMA/ISD/353/02/2011 dated February 02, 2011.
- The aforesaid entities created artificial volumes in the scrips of PIL, GEMSTONE and KGN, substantially
traded amongst themselves and placed orders at a price higher than the last traded price and thereby
contributed to the rise in price from Rs. 136.5 to Rs. 252 in PIL and Rs. 9 to Rs.19.7 in GEMSTONE.
Thus, the aforesaid entities have, prima facie, violated regulations 3(a), (b), (c) and (d) and 4(1), 4(2)(a), (b), (e) and
(g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (PFUTP Regulations) read with section 12A(a), (b) and (c) of the SEBI Act.
Mumbai
May 10, 2013
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For full copy of order against ANKIT RAJENDRA SANCHANIYA, click here.
For full copy of order against BHAVESH PRAKASH PABARI, click here.
For full copy of order against BHUPESH HARISHCHANDRA RATHOD, click here.
For full copy of order against DILIPKUMAR PUKHRAJ JAIN, click here.
For full copy of order against HEMANT MADHUSUDAN SETH, click here.
For full copy of order against JANAK CHIMANLAL DAVE, click here.
For full copy of order against JATIN SHANTILAL SHAH, click here.
For full copy of order against JIGAR PRAFULCHANDRA GHOGHARI, click here.
For full copy of order against JINAL APURVA RAWAL, click here.
For full copy of order against KIRAN BHIKU BHANAES, click here.
For full copy of order against KIRAN MADHUSUDAN SHETH, click here.
For full copy of order against KISHAN BALARAM SHIGVAN, click here.
For full copy of order against NEEVAN CAPIAL MARKETS PVT.LTD., click here.
For full copy of order against OLIWONDERS FINANCIAL SERVICES PVT.LTD., click here.
For full copy of order against PREM MOHANLAL PARIKH, click here.
For full copy of order against SHREE SHAGUN FINANCIAL SERVICES, click here.
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