Adjudication order in respect of 9 entities in the matter of violation of PFUTP Regulations in the scrip of Sterling Greenwoods Limited

The Securities and Exchange Board of India (SEBI) has issued an adjudication order against nine entities for violating the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations. These violations occurred in the trading of Sterling Greenwoods Limited's shares between April 1, 2009, and July 24, 2009. The investigation revealed unusual trading patterns and price manipulation during this period.

BEFORE THE ADJUDICATING OFFICER 
SECURITIES AND EXCHANGE BOARD OF INDIA 
[ADJUDICATION ORDER NO.Order/GR/KG/2020-21/9381-9389]

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 In respect of

1.Radhekrishna Broking [PAN AAJFR2055D ] 
2.Mr. Harshad Panchal [PAN ARKPP5933J] 
3.Mr. Hemang Shah [PAN AFQPS0157P] 
4.Mr. Abhishek Soni [PAN BBBPS2244F] 
5.Mr. Umesh Patel [PAN AUBPP3656L] 
6.Ms. Sonal Patel [PAN AODPP3226Q] And 
7.Mr. Dhaval Soni [PAN AZVPS1042A] 
8.Paksh Developers Private Limited [PAN AAECS0872M]
9.Shri. Anurag Dineshchandra Agrwal [PAN ACDPA4964G] In the matter of Sterling Greenwoods Limited 

Background 

1.Securities  and  Exchange  Board  of  India  (hereinafter  referred  to  as  ‘SEBI’) conducted an investigation into alleged irregularity in the trading in the scrip of Sterling Green  Woods  Limited(hereinafter  referred  to  as “SGWL”),  a  company  listed  on  the Bombay Stock Exchange (BSE) and Ahmedabad Stock Exchange (ASE), for the period from April 01, 2009 to July 24, 2009(hereinafter referred to as the ‘Investigation Period’). The investigation, inter alia, revealed that during the relevant period, the scrip of SGWLwas traded in 'Z' group till June 19, 2009, in B group during June 22, 2009 to July 09, 2009 and in T group during July 10, 2009 to July 24, 2009. During the investigation period the price of the scrip of SGWL rose by Rs. 52/-in 74 trading days with average daily volume of  8,520  shares. During  the  period  from  April  01,  2009  to  June  23,  2009,  the  scrip  of SGWL traded with an average daily volume of 4,448 shares and during period from June 24, 2009 to July 24, 2009, the average daily volume were 17,903 shares. During the pre-investigation period (i.e. from February 01, 2009 to March 31, 2009), the scrip of SGWL traded in the range of Rs.10.50 and Rs.13.86 with average daily volume of 623 shares and a total of 445 trades for 79,340 shares had been executed.

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