Adjudication Order in respect of Parag Ramesh Kalwankar in the matter of Hasti Finance Ltd

Last updated: 19 October 2020

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Quick Summary

The Securities and Exchange Board of India (SEBI) has issued an adjudication order against Parag Ramesh Kalwankar in relation to Hasti Finance Ltd. The investigation, prompted by a reference from the Principal Director of Income Tax, focused on potential violations of SEBI Act, 1992 and SEBI (PFUTP) Regulations, 2003. These alleged violations occurred within the Hasti Finance Ltd. scrip during the period of August 27, 2010, to August 31, 2015. The investigation analysed price and volume movements across six specific periods.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as “SEBI”) conducted an investigation in the scrip of Hasti Finance Ltd., (hereinafter referred to as “HFL” / “Company”) based on a reference received from the Principal Director of Income Tax (Investigation), Kolkata. The focus of the investigation was to ascertain whether there was any violation of the provisions of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 {hereinafter referred to as “SEBI (PFUTP) Regulations”} by certain entities in scrip of HFL during the period August 27, 2010 and August 31, 2015 (hereinafter referred to as “Investigation Period”/”IP”).

Citation :
ADJUDICATION ORDER NO. PM/NR/2020-21/9403

Daily Limit Reached