patel sec india

1 SECURITIES AND EXCHANGE BOARD OF INDIA INTERIM ORDER UNDER SECTION 11B AND 11(4) OF SEBI ACT, 1992 AGAINST KANAIYALAL BALDEV PATEL, DIPAK PATEL (PORTFOLIO MANAGER OF PASSPORT INDIA INVESTMENT (MAURITIUS) LTD) AND THEIR CONNECTED ENTITIES VIZ. ANANDKUMAR BALDEVBHAI PATEL AND BHOOMI INDUSTRIES WTM/KMA/68/ISD/05/2009 1. NSE in its routine market surveillance activities had observed that a client named Shri Kanaiyalal Baldevbhai Patel (herein after referred to as “KB Patel”) dealing through Stock Brokers viz. Kotak Securities Limited, Sharekhan Limited, and Shree Kanha Stock Broking Pvt. Ltd. has put orders ahead of orders placed by Passport India Investment (Mauritius) Limited (hereinafter referred to as “Passport India”, sub-account of Passport Capital LLC, a FII registered with SEBI). 2. During the course of investigations, it was revealed that KB Patel had placed and executed orders before the orders of Passport India and subsequently squared off his positions when the orders of Passport India were placed in the market. The activity was conducted in such a manner that KB Patel had managed to generate ill-gotten profits for him by the price movement of scrips on account of the large buy/sell orders of Passport India. The trading pattern of KB Patel suggested that he was not only aware of the time of the order by Passport India but also the quantity of the order, since most orders of KB Patel have matched with a significant part of the orders placed by Passport India, even though it was being executed on the anonymous screen-based trading mechanism of the Stock Exchange. Thus, KB Patel managed his trading pattern to take advantage of the impending trading activity of Passport India. 3. The manner in which KB Patel repeatedly and accurately timed his dealing in the shares prior to and after the large buy/sell orders by Passport India warranted an immediate verification by SEBI. Accordingly, a detailed analysis was carried out for the period from January 1, 2007 to March 31, 2009 to examine the trading activity of KB Patel and Passport India by initiating formal investigation vide Order dated April 24, 2009 under Section 11C of SEBI Act 1992. The investigations prima facie brought out findings as set out in the following paragraphs. 4. During analysis of the trading pattern during the January 1, 2007 to March 31, 2009, it was noticed that KB Patel bearing PAN no. AEWPP1442H was staying at 01, Shivnagar Society, Bhavpura, Kadi, Gujarat-382715. The

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