2023 (10) TMI 1556

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....echnical Member For the Appellant : Ms. Rinku Valanju, Advocate with Mr. Amit Kumar, Mr. Kush Khandelwal and Ms. Unnatii Thakkar, Advocates i/b R V Legal. for the Respondent SEBI : Mr. Sumit Rai, Advocate with Mr. Manish Chhangani, Mr. Sumit Yadav, Mr. Abhay Chauhan and Mr. Atul Kumar Agrawal, Advocates i/b The Law Point. ORDER PER: JUSTICE TARUN AGARWALA, PRESIDING OFFICER (ORAL) 1....

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..... Based on this investigation, a show cause notice dated March 24, 2021 was issued alleging that the appellant along with the other noticees created a misleading appearance of the trading in the scrip of Edynamics Solutions Limited through circular and synchronized trades amongst connected entities without intention of change of ownership of securities thereby manipulating the volume of the scrip ....

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....ned order, we find that the appellant is not connected to any other noticees. Paragraph 21 of the impugned order clearly indicates that there is no connection between the appellant and other noticees. The connection has been alleged on the basis of trades carried out by the appellant which in the instant case was only carried out on one day i.e. on March 02, 2017. 6. In our opinion, in the abse....