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Settlement Order in the matter of Mishka Finance and Trading Limited

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Court :
SEBI

Brief :
SETTLEMENT ORDER in Settlement Application bearing Nos. (I) 3904 of 2019 – i) Mr. Atul Moreshwar Save [PAN : ACHPS7762G], ii) Pritishkumar Chatterjee [PAN : ACRPC4740L], iii) Ms. Anjali Save [PAN : AEPPS9885J] and iv) Ms. Tripti Chatterjee [PAN : AFGPC0469L], (II) 3982 of 2019 – Mr. Atul Moreshwar Save [PAN : ACHPS7762G], (III) 3983 of 2019 – Mr. Pritishkumar Chatterjee [PAN : ACRPC4740L], (IV) 3984 of 2019 – Ms. Anjali Save [PAN : AEPPS9885J], (V) 3985 of 2019 – Ms. Tripti Chatterjee [PAN : AFGPC0469L], (VI) 3986 of 2019 – Mr. Jugal Ramesh Deorah [PAN : ACBPD1930D], (VII) 3987 of 2019 – Ms. Sonal Jugal Deorah [PAN : AGZPD3263D], (VIII) 3989 of 2019 – Mr. Jay Ketan Somaiya [PAN : BRSPS2170K], (IX) 3993 of 2019 – Mr. Harshal Ashok Kumat [PAN : AYDPK2960J], (X) 3999 of 2019 – Mr. Atul Sumatilal Kankaria [PAN : AYQPK5002J], (XI) 4000 of 2019 – Atul Sumatilal Kankaria HUF [PAN : AAMHA5122M], (XII) 4001 of 2019 – Ms. Priyanka Atul Kankaria [PAN : CLAPK0633E], and (XIII) 4002 of 2019 – Ms. Kajalkiran Sumatilal Kankaria [PAN : CAPPK0809Q] – in the matter of Mishka Finance and Trading Limited (formerly known as Pyramid Trading Private Limited).

Citation :
SO / EFD-2 / SD / 353 / SEPTEMBER / 2020

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
SETTLEMENT ORDER

in Settlement Application bearing Nos. (I) 3904 of 2019 – i) Mr. Atul Moreshwar Save [PAN : ACHPS7762G], ii) Pritishkumar Chatterjee [PAN : ACRPC4740L], iii) Ms. Anjali Save [PAN : AEPPS9885J] and iv) Ms. Tripti Chatterjee [PAN : AFGPC0469L], (II) 3982 of 2019 – Mr. Atul Moreshwar Save [PAN : ACHPS7762G], (III) 3983 of 2019 – Mr. Pritishkumar Chatterjee [PAN : ACRPC4740L], (IV) 3984 of 2019 – Ms. Anjali Save [PAN : AEPPS9885J], (V) 3985 of 2019 – Ms. Tripti Chatterjee [PAN : AFGPC0469L], (VI) 3986 of 2019 – Mr. Jugal Ramesh Deorah [PAN : ACBPD1930D], (VII) 3987 of 2019 – Ms. Sonal Jugal Deorah [PAN : AGZPD3263D], (VIII) 3989 of 2019 – Mr. Jay Ketan Somaiya [PAN : BRSPS2170K], (IX) 3993 of 2019 – Mr. Harshal Ashok Kumat [PAN : AYDPK2960J], (X) 3999 of 2019 – Mr. Atul Sumatilal Kankaria [PAN : AYQPK5002J], (XI) 4000 of 2019 – Atul Sumatilal Kankaria HUF [PAN : AAMHA5122M], (XII) 4001 of 2019 – Ms. Priyanka Atul Kankaria [PAN : CLAPK0633E], and (XIII) 4002 of 2019 – Ms. Kajalkiran Sumatilal Kankaria [PAN : CAPPK0809Q] – in the matter of Mishka Finance and Trading Limited (formerly known as Pyramid Trading Private Limited).

1. Twelve applicants (referred to above and hereinafter referred to as the “applicants”) filed settlement applications in terms of the SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as the “Settlement Regulations”) proposing
to settle, without admitting or denying the findings of fact and conclusions of law, through a settlement order, the pending proceedings initiated against all the twelve applicants under Sections 11 and 11B of the SEBI Act, 1992 vide Show Cause Notice(s) dated December 12, 2017, adjudication proceedings initiated vide Show Cause Notice(s) dated March 29, 2019 and prosecution proceedings for the violation of Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (e) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.

2. It was observed that there was a huge rise in the traded volume and price of the shares of Mishka Finance and Trading Limited (formerly known as Pyramid Trading Private Limited) on BSE during the period February 14, 2013 to December 31, 2014. On investigation, it was found that the applicants, had traded in the scrip and alleged to have been indulged in fraudulent and unfair trade practices in the scrip. Accordingly, the proceedings referred to above were initiated against all the applicants. The applicants have filed the settlement applications in respect of the aforesaid enforcement proceedings.

To read more in details, find the enclosed file

 

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on 30 September 2020
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