Order in respect of Mr. Hemant Singh Jhala

WTM/SR/SEBI/EFD-DRA-3/55/08/2017 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: S RAMAN, WHOLE TIME MEMBER ORDER Under Section 11B of the Securities and Exchange Board of India Act, 1992 in respect of Mr. Hemant Singh Jhala.

1. Securities and Exchange Board of India (‘‘SEBI’’) conducted an inspection of Ahmedabad Stock Exchange Ltd (“ASEL”) and observed lapses and irregularities in the functioning of ASEL, its Chairman and Directors on the Governing Board etc. Pursuant to the same, SEBI vide order dated April 25, 2014 inter alia issued directions to conduct a detailed probe against Mr. Hemant Singh Jhala and further restrained him from holding any position as a Director with any intermediary or entity registered with SEBI. The relevant portion of the said order is reproduced hereunder: a) “… b) The allegation of financial irregularities levelled against Mr. Hemant Singh Jhala are serious in nature and Securities and Exchange Board of India is advised to conduct a detailed probe in this regard. In the meantime, Mr. Hemant Singh Jhala is being restrained from holding any position as a Director with any intermediary or entity registered with Securities and Exchange Board of India till further directions. Securities and Exchange Board of India is also advised to endeavour to complete the probe within one (1) year from the date of this Order.”

2. In view of the above, SEBI conducted an investigation into the role of Mr. Hemant Singh Jhala (“Mr. Hemant Jhala”) in the matter of reimbursements made to All Gujarat Investor Protection Trust (“AGIPT”) for conducting various investor awareness programmes and the alleged misuse of public funds of BSE Limited (“BSE”) and ASEL. The investigation reveals the following:  Mr. Hemant Jhala who was the erstwhile Chairman of ASEL, as well as a trustee of AGIPT, approved a proposal of financial assistance to AGIPT in relation to Investor Awareness Programmes, at a meeting of ASEL – Investor Services Cell (“ISC”) Committee held on September 1, 2010.  Mr. Hemant Jhala had also presented the proposal on behalf of AGIPT.

 In addition to the amount (Rs.6,00,000/-) claimed from ASEL for conducting various investor awareness programmes, Mr. Hemant Jhala also claimed – further financial assistance from BSE-IPF (Rs.1,80,000/-) for conducting same seminars.

3. Based on the above findings of investigation, a Show Cause Notice (SCN) dated January 05, 2017 was issued to Mr. Hemant Jhala (hereinafter referred to as “the Noticee”) under Section 11B of the SEBI Act, 1992 alleging that the Noticee violated Clauses 3.6.1 (a), 3.6.4 (e) and 3.8.8 of the SEBI Circular no. CIR / MRD / DSA / SE / 43 /2010 dated December 31, 2010, regarding Code of Conduct and Code of Ethics in respect of Directors of Stock Exchanges.

4. In response to the SCN, the Noticee vide letter dated January 20, 2017 inter alia, made the following submissions: i. “AGIPT is a registered trust with the Charity Commissioner Ahmedabad and is also registered with SEBI for providing assistance to investors in capital markets. The representatives of AGIPT were regularly attending investors meeting at SEBI-Mumbai Office at their own expenses. AGIPT has never claimed or taken any financial assistance to set up infrastructure etc. provided by SEBI to such associations for the interest and benefit of investors in the whole of Gujarat region. Some of the seminars were also attended by the then SEBI Chairman Shri C.B Bhave. ii. I had no connection with Ahmedabad Stock Exchange. But, during the seminars which were being conducted by AGIPT, some investors requested me to make representation in ASEL as a shareholder and director and I was elected as a Shareholder director in ASEL after, following due procedures approved by SEBI. After becoming a shareholder director, the directors of ASEL elected me as the Chairman of the Board of ASEL. iii. Whatever seminars had been conducted with AGIPT, that was with the approval of the Investors Services Cell (ISC) of ASEL comprising of M D and Public Interested Directors (PID). iv. During that period SEBI used to insist ASEL to conduct more and more IAPs. ASEL was not able to do that. So the then M.D. Mr. K.K. Mishra proposed and requested AGIPT, to conduct seminars and accordingly seminars were conducted by AGIPT, after due approval of ASEL Investors Committee, in the presence of M.D. and PID of ASEL. Further, it may be noted that whatever payments for conducting seminars have been made to AGIPT with approval of M.D. and officials of ASEL and was not favored for the same.

v. It was known to ASEL M.D. that AGIPT is conducting seminars with BSE too, but he never pointed out the issue in conducting Seminars with BSE, neither BSE officials pointed out, despite knowing that AGIPT is conducting joint seminars for both the exchanges and officials of both exchanges were attending the seminars as a speaker too. vi. Further, it may be noted that AGIPT was always working for the benefit and in the interest of the investors under SEBI’s guidelines and fighting against wrong doers of capital market, like Dubba trading and other allied activities in the capital market. So, the some wrong doers created the whole issue against AGIPT. AGIPT is now closed. All trustees and committee members in AGIPT have tendered their resignations and the Secretary Mr. Rakesh Patel, who was looking after the matter also died. vii. ASEL granted Rs.7.50 Lacs financial assistance to AGIPT after approving the same in the Investors Service committee and Board meeting too, wherein then M.D and PID were also present and they never objected for the same. Photographs etc. of all the seminars and programme have been sent to SEBI from time to time by AGIPT, ASEL and BSE too, in their QDR and no any objection had been raised by SEBI, at any point of time. viii.

As regards AGIPT’s proposal to arrange 12 investors Seminars upto 31st March 2011, jointly with the ASEL’s Investor Service Cell with an estimated budget of Rs.80000/- (with 20% variation on both side) per seminar was discussed in detail in the committee. After detailed discussion in the matter, the Committee unanimously agreed upon the proposal of AGIPT and decided to participate in above 12 “Investors Seminars” looking to the object and benefits of the workshops, to be held under SEBI (Securities Market Awareness Campaign) to empower the investors, a budget of maximum Rs.80,000/- per seminar was approved in the presence of then M.D. and Board Members of ASEL including PID. ix. During the Financial Year 2010-11, the Trust conducted 18 Investor Awareness Programs for which we have received Financial Assistance form ASEL- ISC amounting to Rs.19,60,000/- and from BSE Investor Protection Fund (BSE-IPF) amounting to Rs. 1,20,000 /-. However, as the amount of Rs.1,20,000/- was actually released during 2011-12, the actual amount received in 2010-11 was 19,60,000/-. x. According to the financial report submitted for the Financial Year 2011-12, the amount of 19,60,000/-was not appeared in the Income and Expenditure account of the Trust.

The expenditure has actually been incurred but the same has not been bifurcated properly. xi. We have submitted the restated Balance Sheet as well as Income & Expenditure account for the Financial Year 2010-11 & 2011-12, which clearly states that we were reimbursed the actual seminar expenses only.

xii. Securities and Exchange Board of India always offers Transport and Dearness Allowances (T&DA) when the Investor Awareness Programme is to be conducted. We have never accepted T&DA offered by SEBI for the IAPs. xiii. In respect of the grant taken for activities carried out, we would like to state that we have conducted the said Investor Awareness Programmes even though we were not receiving grants from ASEL and BSE. Further, the proposal has been made for such type of Investors Awareness Programmes, which always aims to educate more and more public with the benefit of investment in Capital Market. xiv. Even though the trust has accepted grant from both ASEL and BSE for the same seminar, even entrusted advertising for ASEL or BSE. xv. Further, no trustees have ever reimbursed the travelling expenses incurred by them for conducting Investor Awareness Programmes. The trustees have never intended to misuse the funds even for the actual expenses incurred by them, in the said matter. xvi. Looking to the track record of the trust, it has never received any complaint from the investors in respect of the awareness programmes conducted.”

5. An opportunity of personal hearing was granted to the Noticee on May 30, 2017. However, the Noticee failed to avail of the said opportunity of personal hearing. In view of the same, another opportunity of hearing was granted to the Noticee on July 06, 2017 and the same was communicated to him vide hearing notice dated June 01, 2017. The Noticee appeared before me in person on July 06, 2017 and made submissions. The Noticee was granted further time till July 20, 2017, to submit details of expenditure incurred for the seminars for which reimbursements were claimed from both ASE and BSE. The Noticee vide letter dated July 14, 2017 submitted the following:

i. “During the F.Y. 2010-11, All Gujarat Investor Protection trust (AGIPT) received Rs.19.60 lacs from ASEL and Rs.1.20 Lacs from BSE, against which audited balance sheet for the F.Y.2010-11 has already been submitted to your good office. ii. During F.Y 2011-12, AGIPT received 2 lacs from ASEL and Rs.60,000/- from BSE, against which total 8.30 lacs incurred as expenses for investors seminars. iii. As regards, the amounts received from BSE and ASEL, it is informed that whatever amounts were received from the said exchanges, the joint seminars were conducted with the exchanges and AGIPT has not concealed or suppressed any facts. The officials of both the exchanges remained present in the joint seminars.

Banners with Logos of ASEL and BSE were printed, which shows that the fact was known to the authorities/ officials of both the exchanges. AGIPT has sent the photographs of all the joint seminars conducted with ASEL and BSE and both the exchanges might have sent the details of this in their QDR reports to SEBI from time to time. All these facts do prove that AGIPT has not concealed anything and joint seminars were conducted with the consent of the said exchanges and the contributions have been received by AGIPT from the both the exchanges. Now, if SEBI has any doubt or anything has been violated, kindly take up the matter with the both the exchanges as to why they organized joint seminars and made payments accordingly. All the facts prove that AGIPT is not guilty and has done all the work in a transparent manner, with the consent of both the exchanges. iv. All the joint seminars were conducted with the consent of both the exchanges and officials of both the exchanges were familiar with this and payments have been made by the exchanges to meet the expenses of the seminars. AGIPT has claimed the amounts with both the exchanges, which have been fully utilized to meet the expenses.

AGIPT has claimed the amount in an proportionate basis form the exchanges and no money has been additionally taken or given to AGIPT. v. Further, in the trust deed of AGIPT there is no provision as to the limit of sponsors, or number of sponsors who can participate and arrange seminars. AGIPT is a charitable registered trust and it is not a proprietary trust or firm and not working with the intention of profit or to gain money. vi. The brief particulars of expenses of Seminars are highlighted hereunder, which clarifies the amount of Rs. 1.80 lacs given by BSE to AGIPT in addition to ASE.: a) Appx. 250 to 300 investors were the participants b) Food cost i.e Lunch or Dinner per participant’s appx. Rs 275/- ( Including Hall Rent) c) Mementoes to three to four Speakers Appx .Rs.8000 /- to Rs.10000/- d) Flowers and bouquet to dignitaries’ appx. Rs.4000/- e) Stationary expenses pad and pen etc .Rs 3000/- to Rs.4000/- f) Conveyance expenses appx. Rs.6000/- g) Hoardings, Banners etc Rs.7000/- to Rs.10,000/- appx. h) Mike Systems with speakers Rs.3,000 /- to Rs. 4000 /- i) Photographs Rs.2000 /- appx. j) Pamphlets Etc. Rs.5,000/ appx. k) Event Manager and Announcer expenses appx.

Rs.3,000/- Rs.4000/- vii. As on date I am not associated with either ASE or AGIPT and tendered my resignation 4 years ago .Further, it may be noted that I am submitting the details as provided by AGIPT and Mr. Rakesh Patel – Secretary of AGIPT, who was looking after the seminars works, accounts etc. has died one and half year ago and the trust is not functioning. Further, I was not familiar with all the situation and if, either ASE or BSE brought it to my knowledge, I could have stopped the seminars, when I was associated”. 6. I have carefully perused the material available on record such as Investigation Report, SCN and documents annexed therein and the submissions of the Noticee along with the documents contained therein. In this context, the main issue for consideration in the matter is whether the Noticee has violated Clauses 3.6.1 (a), 3.6.4 (e) and 3.8.8 of the SEBI Circular no. CIR / MRD / DSA / SE / 43 /2010 dated December 31, 2010, regarding Code of Conduct avoidance of conflict of interest and Code of Ethics in respect of Directors of Stock Exchanges. 7. Before dealing with the charges levelled against the Noticee, the relevant legal provisions, the contravention of which have been alleged in the instant case are reproduced hereunder:- “Code of conduct for the Directors on the Governing Board 3.6 The Exchange shall frame and apply a set of criteria as near thereto the SEBI (Intermediaries) Regulations, 2008 to the Directors on the Governing Board of the Exchange.

All the Directors of the stock exchange shall: 3.6.1…. Meetings & minutes a. not participate in the discussion on any subject matter in which any conflict of interest exists or arises, whether pecuniary or otherwise, and in such cases the same shall be disclosed and recorded in the minutes of the meeting. 3.6.4 General Responsibility e. maintain the highest standards of personal integrity, truthfulness, honesty and fortitude in discharge of their duties in order to inspire public confidence and shall not engage in acts discreditable to their responsibilities.” 3.8 Code of Ethics for Directors and Functionaries of Exchanges The ‘Code of Ethics’ for Directors and Functionaries of Exchanges is aimed at improving the professional and ethical standards in the functioning of exchanges thereby creating better investor confidence in the integrity of the market. 3.8.8 Avoidance of Conflict of Interest No director of the governing board or member of any committee of the exchange shall participate in any decision making / adjudication in respect of any person /matter in which he is in any way, directly or indirectly, concerned or interested.”

8. I shall now deal with main issue in the matter which is based on the allegation that the Noticee misused the public funds of BSE and ASEL by way of payments made to AGIPT. In this context, I note the following facts:

8.1 AGIPT was a recognised Investor Association and the trustees were Shri Dinesh Singh Kshatriya and Shri Divyarajsingh Vaghela and the Noticee during the relevant period i.e. from April 1, 2010 to March 31, 2012.

8.2 During this period the Noticee was also Chairman of ASEL and its various committees. This fact is also admitted by the Noticee.

8.3 In August 2010, AGIPT sought financial assistance from ASEL for conducting Investor Seminars under the SEBI “Securities Market Awareness Campaign”. The details of the same are as under:  AGIPT vide letter dated August 23, 2010 to ASEL sought financial assistance of Rs.7.5 lakh to organise “Investors Fair 2010” during October 22-24, 2010 at Karnavati Club, Ahmedabad under SEBI (Securities Market Awareness Campaign).  AGIPT vide letter dated August 26, 2010 to ASEL sought financial assistance to conduct 12 Investor Seminars upto 31st March 2011.

8.4 The above matters were considered in the meeting of ASEL-ISC Committee held on September 01, 2010. This meeting was chaired by the Noticee as Chairman along with other members viz., Shri K.K. Mishra, Managing Director of ASEL, Shri P.K. Ghosh, Public Interest Director, Shri Parhad Postwala, Representative of AGIPT, Shri Kush B Patel, Shareholder Director and Shri Sunil B Patel, Trading Member Director. The same is also evident from the minutes of the ISC meeting the details of which are reproduced hereunder for reference: “3. Letter dtd.23.08.10, of AGIPT, requesting grant of financial assistance of Rs. 7.50 lacs for “Investors’ Fair-2010”. The committee took note of a letter dtd. 23.08.10, received from AGIPT, requesting to grant financial assistance of Rs. 7.50 lacs for “Investor Fair-2010” proposed to be organized, during 22nd October 2010 to 24th October, 2010, at Golden Glory Hall, Karnavati Club, Ahmedabad, for the benefit of Investors, especially to educate and create awareness in activities of the Capital Market, under SEBI (Securities Market Awareness Campaign). Shri Parhad Postwala, Representative of AGIPT, briefed and explained the committee details about the objective and activities to be done at the proposed “Fair” Mr. Postwala informed that in Capital Market it is most essential, to educate the investors with the knowledge of Capital Market activities.

He added that investors knowledge should be enhanced with the other investment options like Mutual Funds, Bonds Market etc. He highlighted that in India, Demat Accounts opened are far less, in comparison to total Indian Population. So, the institutions like ASEL should try to educate more and more public with the benefit of Investment in Capital Market, which will result in increase of investors in Capital Market and in turn would increase the growth and strength of the Economy, as a whole. Mr. Postwala, explained the committee that to invite more and more investors and public in “Investors Fair-2010”, marketing and advertisement through media, news papers, hoardings, T.V. Channels etc. would be made. He emphasized that in “India Investors Week” celebrated during 12.07.10 to 17.10.10 (sic), every day appx. Average 600 to 800 investors and public participated and took benefit in the seminars / workshops several investors were unable to seek entry, in view of overcrowding. Shri Hemantsingh Jhala, informed that the cost of one day seminar remains very high in comparison to three days seminar.

So, it is beneficial to arrange for three days seminars instead of one day. Further, he explained that out of total cost, AGIPT has requested ASEL-ISC, to grant only Rs. 7.50 lacs. He explained the break-up of total cost for three days workshops i.e. Rs. 5 to 6 lacs A. C. hall rent and balance would be Banners, advertisement through Media, News Papers, Channels, Pamphlets, Educative Material to be given to investors, participants expenses etc. He apprised that out of total budget only 10% to 12.50% is estimated from ASEL-ISC and this would highlight the name of ASEL-ISC, among investors and public at large, not only in Gujarat but also in other states of Country. Shri P.K. Ghosh-PID, appreciated the proposal and informed the committee to fix budget without variation in both the sides. The committee also noted that AGIPT is a SEBI approved Investors Association. Govt. approved Trust, which is also doing the activities in the interest of the investors within the SEBI’s Guidelines and Regulations. So, if ASEL-ISC is participating and doing the seminars/workshops, jointly with AGIPT. It would also be in compliance, to SEBI’s Guidelines and Regulations.

After, detailed discussion in the matter and looking to the objective, benefits to investors and credentials of the task, the Committee unanimously agreed upon the proposal of AGIPT and decided to participate in “Investor Fair-2010” workshops, to be held under SEBI (Securities Market Awareness Campaign), to educate and empower the investors with more knowledge of the Capital Market Activities and approved the budget of Rs. 7.50 lacs, to be given to AGIPT, out of the Investors Fund of ISC of ASEL, as and when needed and demanded by AGIPT, either in piecemeal or in full, looking to the requirements. The Committee authorized CFO and Managing Director for disbursement of the approved grant.” “4. Letter dtd. 26.08.10, received from AGIPT, intending to arrange 12 (Twelve) Investors Seminars, up to 31st March 2011. The Committee perused and discussed on letter dated 26.08.10, received from AGIPT intending to arrange 12 (Twelve) “Investors Seminars” up to 31st March, 2011, jointly with Investor Service Cell of ASEL, with Rs. 80,000/- (with 20% variation on both sides) estimated budget to be participated by ASEL- ISC per seminar.

Shri Parhad Postwala Representative of AGIPT apprised the committee that AGIPT has intended to organise three Investors’ Seminars at Naroda, CTM and Chiloda, the prime areas of Ahmedabd City and balance nine seminars at outside Ahmedabd City i.e. Dakore, Kheda, Vallabh Vidyanagar, Barroda, Gandhinagar, Pratij, Siddhpur, Junagadh, Porbandar regions of Gujarat State. He briefed the committee in detail with the activities of seminars to be undertaken, to educate to the investors and public of the Gujarat State, make more and more aware and empower them with the knowledge of Capital Market, under SEBI (Securities Market Awareness Campaign). The Committee also noted change of Centre, in case of need. Shri P.K. Ghosh-PID, appreciated the proposal and informed the Committee to fix budget without variation on both the sides. After detailed discussion in the matter, the Committee unanimously agreed upon the proposal of AGIPT and decided to participate in above 12 “Investors Seminars”, looking to the object and benefits of the workshops, to be held under SEBI (Securities Market Awareness Campaign), to make the investors educate and empower with more and more knowledge of the Capital Market Activities and approved the budget of maximum Rs 80,000/- per seminar, to be given to AGIPT, out of the Investors Fund of ISC of ASEL, as and when needed and demanded by AGIPT, either in piecemeal or full, looking to the requirement.

The Committee authorized CFO and Managing Director for disbursement of the approved budget.” In view of the above, I find that the Noticee as a trustee of AGIPT was seeking financial assistance from the ISC Committee of ASEL to conduct various programmes. The Noticee also chaired the meeting of ASEL-ISC in which the said applications were considered and approved. From the details of the minutes of the meeting as mentioned above, it is clear that the Noticee along with Mr Parhad Postwala presented the cases of AGIPT in the said committee meeting for sanction of financial assistance. The Noticee also signed minutes of the meeting in his capacity as Chairman of ISC Committee. By doing so, I find that the Noticee failed to avoid the conflict of interest on his part and thus violated the Clauses 3.6.1 (a) and 3.8.8 of the SEBI Circular no. CIR / MRD / DSA / SE / 43 /2010 dated December 31, 2010, regarding Code of Conduct and Code of Ethics in respect of Directors of Stock Exchanges.

8.5 From the information provided by ASEL regarding Investor Awareness Programmes (“IAPs”) conducted by AGIPT under the SEBI (Securities Market Awareness Campaign) the following are noted: i. During the financial year 2010-11, AGIPT conducted 18 Investor Awareness Programs for which it was provided financial assistance from ASEL-ISC amounting to Rs.19,60,000/- and from BSE Investor Protection Fund (BSE-IPF) amounting to Rs.1,20,000/-. ii. During financial year 2011-12, AGIPT conducted 3 IAPs till June 21, 2011 for which it was provided financial assistance from ASEL-ISC amounting to Rs. 2,00,000/- and from BSE-IPF amounting to Rs.60,000/-. After including the amount received from BSE for the financial year 2010-11, the total amount received in 2011-12 was Rs. 3,80,000/- (in respect of IAPs conducted upto 21-Jun-2011). iii. As per the Audited Income and Expenditure statement for the financial year 2010-2011 of AGIPT, it is noted that an amount of Rs.8,49,059/- has been mentioned as “seminar expenses” and an amount of Rs.25,26,000/- as “donation income”. However, during investigation, AGIPT failed to provide details of the donations received during the year 2010-2011, despite summons and reminders. It is also noted that AGIPT received an amount of Rs.19,60,000/- towards financial assistance from ASEL- ISC for the year ended March 31, 2011, however, said amount was not shown in the income side of AGIPT’s Income and Expenditure account for the said year. 8.6 From the financial assistance details received from BSE-IPF and ASEL, the following are noted:

i. AGIPT has received financial assistance from ASEL as well as from BSE for the same IAPs. ii. In its meeting held on September 1, 2010, ASEL-ISC Committee approved a budget of Rs.80,000/- towards financial assistance to be provided to AGIPT for conducting 12 IAPs upto March 31, 2011. iii. Out of the 12 IAPS conducted during financial year 2010-11, AGIPT took financial assistance from both ASEL and BSE for 6 programs amounting to Rs.4,80,000/- and Rs.1,20,000/- respectively. iv. During the period 2011-12 ( upto June 21, 2011) AGIPT conducted 3 IAPs out of which it took financial assistance for 2 programmes from both ASEL and BSE amounting to Rs.1,20,000/- and Rs.60,000/- respectively. However, neither the Noticee nor AGIPT has provided the relevant financial records for the financial year of 2011-2012. Considering the above facts and also the admissions of the Noticee vide his reply and written submissions, I find that AGIPT took financial assistance from both ASEL-ISC and BSE-IPF for conducting the seminars. However, the following facts submitted by the Noticee vide his oral as well as written submissions are also pertinent to be mentioned:

i. No complaints from the Investors in respect of the awareness programmes conducted by AGIPT; ii. AGIPT had indeed conducted joint seminars for ASEL and BSE for which expenses were claimed from both BSE and ASEL. iii. Considering the number of investors attended the seminars, AGIPT claimed the amount on proportionate basis from the exchanges and no money has been additionally taken or given to AGIPT. iv. The Noticee has also submitted a detailed list of expenses incurred for the investor seminars. v. AGIPT is now not operational and almost all the office bearers tendered their resignation.

I note that AGIPT was conducting the Investor Awareness Programmes under the SEBI (Securities Market Awareness Campaign) thereby imparting knowledge about the capital markets to investors. The fact that seminars were conducted by AGIPT is not disputed by the Noticee. It is needless to say that the Noticee being the office bearer of both ASE and AGIPT, should have been in a position to produce exact expenditures incurred for the seminars. At this juncture it is necessary to emphasis that the Noticee should have avoided inherent conflict of interest in holding that of the trustee of AGIPT and thus receiving funds from both ASE and BSE.

9. As regards the violation of Clauses 3.6.1 (a) and 3.8.8 of the SEBI Circular no. CIR / MRD / DSA / SE / 43 /2010 dated December 31, 2010, regarding Code of Conduct and Code of Ethics in respect of Directors of Stock Exchanges by the Noticee, I also note that the Noticee was restrained from holding any position as a Director with any intermediary or entity registered with Securities and Exchange Board of India from April 24, 2014. All things considered, I find that the period of restraint already undergone by the Noticee is commensurate with the aforesaid violation committed by the Noticee. Therefore, I am of the considered view that no further period of restraint or prohibition is required in the present case.

10. The SCN dated January 05, 2017 issued to the Noticee Mr. Hemant Jhala is disposed of accordingly.

Place: Mumbai S. RAMAN Date: August 31, 2017 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA