BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Appeal No. 30 of 2011
Date of Decision : 03.05.2011
Mr. Rajnish Jain
A-201 Ganesh Krupa,
Mira Bhayander Road,
Bhayander (E),
Mumbai.
…Appellant Versus
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C-4A, G-Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai – 400 051.
…Respondent
Mr. Ashish Gatagat, Advocate for the Appellant.
Dr. Poornima Advani, Advocate with Mr. Ajay Khaire and Ms. Amrita Joshi,
Advocates for the Respondent.
CORAM : Justice N.K. Sodhi, Presiding Officer
P.K. Malhotra, Member
S.S.N. Moorthy, Member
Per : Justice N.K. Sodhi, Presiding Officer (Oral)
The appellant herein has been charged with executing circular trades in two
scrips of Allcargo Global Logistics Ltd. and Unity Infraprojects Ltd. Both these scrips
are listed on the Bombay Stock Exchange Ltd. and National Stock Exchange of India
Ltd. The trades were executed among a group of traders of which the appellant was a
part. The adjudicating officer has imposed a penalty of ` 5 lakhs on the appellant. We
have heard the learned counsel for the parties. The learne d counsel for the appellant
after going through the findings recorded in the impugned order has fairly stated that
he is unable to challenge thos e findings particularly in vi ew of our order in Monika
Jain vs. Securities and Exchange Board of India, Appeal no. 4 of 2011 decided on
February 11, 2011. Monika Jain the appellant in the last mentioned case was also a
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part of the group which executed circular tr ades. In view of the stand taken by the
learned counsel for the appellant, we cannot but uphold the order which we hereby do
and dismiss the appeal. A pray er has been made on behalf of the appellant that the
amount of penalty imposed by adjudicating officer may be allowed to be paid in four
installments in a period of six months from today. The prayer is granted. Let the
amount be paid in four installments before the end of October of this year. No costs.
Sd/- Justice N.K. Sodhi
Presiding Officer
Sd/-
P.K. Malhotra
Member
Sd/-
S.S.N. Moorthy
Member 3.5.2011
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