IN THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No.130 of 2006
Date of Decision: 21.1.2008
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Nrupesh C. Shah
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......Appellant
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Versus
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The Adjudicating Officer
Securities and Exchange Board of India
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……Respondent
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Present : Shri Zal Andhyarujina, Advocate for the Appellant
Dr. Poornima Advani, Advocate with Ms. Sejal Shah, Advocate for the Respondent
CORAM
Justice N.K. Sodhi, Presiding Officer
Arun Bhargava, Member
Utpal Bhattacharya, Member
Per: Justice N.K. Sodhi, Presiding Officer (Oral)
Counsel for the parties are agreed that the dispute herein is covered against the appellant and in favour of the Respondent Board by our decision in Gautam N. Jhaveri versus The Adjudicating Officer, Securities and Exchange Board of India, Appeal no.131 of 2006 decided on 23.8.2007. Circular trades were allegedly executed between the appellant herein and Gautam N. Jhaveri, the appellant in Appeal no.131 of 2006. The adjudicating officer found that these trades were circular and were meant to defeat the price order matching mechanism of the exchange. Adjudication proceedings were conducted both against Gautam N. Jhaveri and the appellant herein. Both of them were found guilty of executing circular trades and were levied a monetary penalty of Rs.5 lacs each. We upheld the findings of the adjudicating officer in the case of Gautam N. Jhaveri (Appeal no.131 of 2006). The appeal of the present appellant has come up for hearing today. The issues are obviously covered and for the reasons recorded in our order dated 23.8.2007 dismissing Appeal no.131 of 2006, we dismiss the present appeal as well. No costs.
Sd/-
Justice N.K. Sodhi
Presiding Officer
Sd/-
Arun Bhargava
Member
Sd/-
Utpal Bhattacharya
Member
RHN
21.1.2008