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

Last updated: 19 October 2020

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

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OFINDIA
ADJUDICATION ORDER NO. PM/NR/2020-21/9403

UNDER SECTION15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995

In respect of

Parag Ramesh Kalwankar
(PAN: ACDPK6238P)

In the matter of Hasti Finance Ltd.,

BACKGROUND
1. 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”).

2. Based on the variance in the quantum of trading volumes, the price movement of the scrip during the IP, the investigation period was split into six patches. The price & volume details of the scrip HFL during the six patches of the investigation period are tabulated hereunder:

To know more in details find the attachment file