Order in the matter of Golden Legand Leasing and Finance Limited

Under Sections 11(1), 11(4) and 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Golden Legand Leasing & Finance Limited

In respect of: - Noticee No. Name of the Noticees PAN 1 Ever Bright Trading Private Limited (earlier AAICM3232F known as Mould Trading Private Ltd.) 2 Mr. Prateek Shaileshbhai Patel BSHPP0982J 3 Mr. Chintan Bharatbhai Kapadia AUDPK9076H 4 Mr. Akshaykumar Aniruddh Pandya AQBPP1300R 5 Mr. Keval Chandrakant Shah CDWPS5830H 6 South Asia Portfolios Private Limited AABCS5265M

The aforesaid entities are hereinafter referred to by their respective names/serial numbers or collectively as “the Noticees”.

Background:

1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) carried out investigation in the scrip of Golden Legand Leasing & Finance Limited (hereinafter referred to as “GLLFL”) for the period of January 29, 2014 to July 31, 2015 (hereinafter referred to as “investigation period”) to ascertain the violations, if any, of the provisions of SEBI Act, 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “SEBI (PFUTP) Regulation, 2003”). SEBI also received a reference from Directorate of Investigation, Income Tax Department,

Kolkata through letter dated April 27, 2015 alleging that certain entities had used the stock exchange mechanism to generate Long Term Capital Gain Tax (LTCG) and GLLFL was one such scrip mentioned in the aforesaid letter.

2. A Show Cause Notice (hereinafter referred to as, ‘SCN’) dated September 12, 2017 providing the findings of SEBI’s investigation was issued to all the Noticees wherein the following documents were enclosed as annexures.

Table 1 Annexure no. Particulars 1 Summary of daily price and volume 2 Transaction statements from depositories 3 Details of trades 4 Off market data 5 UCC details

3. The SCN was delivered to all the Noticees except Noticee no. 1 and 6, namely, Ever Bright Trading Private Limited and South Asia Portfolios Private Limited. As the SCN could not be delivered to the said two noticees, a notice was published in one English daily, Hindustan Times and one Hindi daily, Dainik Jagran on January 20, 2018 informing Noticee no. 1 and 6 that SCN dated September 12, 2017 has been issued to them in connection with their role in the matter of GLLFL and that it could not be delivered at its last known address. The Noticees were directed to collect the said SCN from SEBI’s office in Mumbai.

4. Noticee no. 2, Mr. Prateek Shaileshbhai Patel, Noticee no. 3, Mr. Chintan Bharatbhai Kapadia and Noticee no. 5, Mr. Keval Chandrakant Shah have replied vide letters dated October 26, 2017 and Noticee no. 4, Mr. Akshaykumar Aniruddh Pandya has replied vide letter dated October 25, 2017. No replies have been received from Ever Bright Trading Private Limited, Noticee no. 1 and South Asia Portfolios Private Limited, Noticee no. 6.

5. Hearing in the matter was scheduled on September 28, 2018. Hearing notices sent to Mr. Chintan Bharatbhai Kapadia, Noticee no. 3 and Mr. Keval Chandrakant Shah, Noticee no. 5 were delivered but the said Noticees failed to appear for the personal hearing. Hearing notices sent to Mr. Prateek Shaileshbhai Patel, Noticee no. 2 and Mr. Akshaykumar Aniruddh

Pandya, Noticee no. 4 returned undelivered with the remark “Refused”. I note that refusal to accept notice is considered deemed service. Therefore, I observe that Noticee no. 2 and Noticee no. 4 also failed to appear for the personal hearing. Another date of hearing i.e. December 14, 2018 was granted to Ever Bright Trading Private Limited, Noticee no. 1 and South Asia Portfolios Private Limited, Noticee no. 6 as hearing notices were not delivered to these Noticees. The hearing notice was published in one English daily, Times of India and one Hindi daily, Nav Bharat Times on November 07, 2018 informing the Noticees no. 1 and 6 that hearing in the matter has been scheduled on December 14, 2018. The noticees failed to appear on the scheduled date.

6. In another matter before me, wherein Noticee no. 6, South Asia Portfolios Private Limited has been appearing before me, it has been responding through email id: southasiaportfolios@gmail.com. Therefore, in the interest of natural justice, another date of hearing was granted to Noticee no. 6 on February 22, 2019. A copy of the SCN was also sent onto the said email id. However, the Noticee no. 6 failed to appear on the said date.

Consideration of SCN, reply and personal hearing

7. The SCN has alleged that Noticee nos. 1 to 6 violated Regulations 3(a),(b),(c),(d) and Regulations 4(1), 4(2)(a) & 4(2)(e) of SEBI (PFUTP) Regulations, 2003. The SCN has alleged that during the investigation, it was observed that the price of the scrip of GLLFL at the Bombay Stock Exchange (BSE) opened at Rs. 11.39 on January 29, 2014 and rose to Rs. 292.00 on November 03, 2014 and then closed at Rs. 116 on July 31, 2015. During this period, the shares of company were traded for an average volume of 14,600 shares per trading day with a total trading volume of 25,05,044 shares in 5601 trades for a total of 175 days. The Company has been suspended for trading on BSE with effect from August 28, 2015 as an interim preventive and remedial measure. The last traded scrip price as on August 27, 2015 was Rs. 109.80.

8. Investigation observed that the scrip price of GLLFL had increased from Rs. 11.39 to Rs. 345 during the period from January 29, 2014 to December 05, 2014. However, the trading volumes were low during the period January 29, 2014 to September 30, 2014 and the trading volumes were high for the period October 01, 2014 to December 05, 2014. Based on the variance in quantum of trading volumes and the price movement of the scrip during the investigation period, the following patches were identified for investigation, details of which are given in the table below:

Table 2 Patch Price/Volume trend Period Price Movement Avg. es From To Open High Low Close Vol. Patch- Price rise with low 29/01/2014 30/09/2014 I trading volume 11.39 232.4 11.39 232.40 382 Patch- Price rise with high 01/10/2014 05/12/2014 II trading volume 237 356 236 345 38605 Patch- Price fall with high 08/12/2014 31/07/2015 III trading volume 345 346.2 109.3 116 15992 9. Investigation carried out Last Traded Price (hereinafter referred to as “LTP”) analysis for the trades executed by the suspected entities during patch II and III and the price rise/fall could be attributed to trades of any entity. 10. Investigation carried out analysis for Patch I (January 29, 2014 to September 30, 2014), the details of which are given below:

a. Investigation observed that the price of the scrip at BSE opened at Rs. 11.39 (previous day closed at Rs. 10.85), touched a high of Rs. 232.4 and closed at Rs. 232.4. b. Investigation carried out LTP analysis on the buy side as there was a price rise. Details of top 10 LTP contributors during this patch are given in the table below:

Table 3 All Trades LTP >0 LTP < 0 LTP = 0 % of Buyer Net Sum No. LTP Qty No of LTP Qty No Qty No of Positive Name LTP of Qty of impac Trade Trad impa Trade of Trade Trade LTP to Trad t d es ct d Tra d s Total es des Market Positive LTP Bharti Goyal 33 13 8 33 13 8 0 0 0 0 0 14.39 Neetu Gupta 30.25 21 6 30.25 16 5 0 0 0 5 1 13.19 Ankit Mahendra Kachhara 27.7 14 14 27.7 14 14 0 0 0 0 0 12.08

Keval Chandrakant Shah 14.85 63 6 14.95 61 5 -0.1 2 1 0 0 6.52 Dhaval Chandrakant Shah 13.7 2 1 13.7 2 1 0 0 0 0 0 5.98 Rakesh Singh 12.8 16 3 12.8 16 3 0 0 0 0 0 5.58 Krishan Kumar & Sons (Huf) 12.7 3 2 12.7 3 2 0 0 0 0 0 5.54 Roshan Kumar Verma 9.9 8 2 9.9 8 2 0 0 0 0 0 4.32 Shyam Kanheyalal Vyas 7.64 8 8 7.64 8 8 0 0 0 0 0 3.33 Om Prakash Pal 7.45 3 2 7.45 3 2 0 0 0 0 0 3.25 Top 10 169.99 151 52 170.09 144 50 -0.1 2 1 5 1 74.18 Market Total 221.55 28664 92 229.30 186 76 -7.75 3 2 28475 14 100 c. The counterparties to trades by entities in the sell side that contributed to positive LTP as given in the table below in Patch I were analysed and the investigation made following observations:

(i) For the 76 trades that contributed to positive LTP of Rs. 229.30 in patch I, it was observed that there were 6 connected counterparty sellers who contributed Rs. 175.74 (76.64% of total market positive LTP) to positive LTP in 59 trades. Details of connections between 6 sellers entities who have appeared as counterparties are tabulated below:

Table 4 S. Basis of connection Seller name Connections Details No. Ever Bright Noticee no 1 transferred share to Off market Trading Private Noticee no. 2, 3 and 6 through off transactions in shares Limited market. of GLLFL 1 (Noticee no 1) Prateek Noticee no 2 has received shares from Off market Shaileshbhai Patel Noticee no 1 through off market. transactions in shares 2 (Noticee no 2) of GLLFL

Noticee no 3 has received shares from Off market Chintan Bharatbhai Noticee no 1 through off market. transactions in shares Kapadia of GLLFL (Noticee no 3) Noticee no 3 transferred shares to 3 Noticee no 4 through off market. Akshaykumar Noticee no 4 has received shares from Off market Aniruddh Pandya Noticee no 3 through off market. transactions in shares 4 (Noticee no 4) of GLLFL Noticee no 2, 3 and 4 transferred shares a) Off market to Dhaval Chandrakant Shah through transactions in shares Keval Chandrakant off market. Further, Dhaval of GLLF Shah Chandrakant Shah is related to Keval b) UCC Details (Noticee no 5) Chandrakant Shah (Noticee No.5) based on common Email id, Mobile Number 5 and Address. South Asia Noticee no 6 has received shares from Off market Portfolios Private Noticee no 1 through off market. transactions in shares Limited of GLLFL 6 (Noticee no 6)

(ii) The number of trades and quantity of shares sold by Noticee nos. 1 to 6 as a counterparty sellers in Patch I which contributed to positive LTP are summarized hereunder: Table 5 No of Balance Date of Buy LTP LTP shares no of Sell order S No. transactio Seller name order contribu contribu held shares volume n volume tion (Rs) tion (%) before after trade trade 1 29.01.2014 1 1000 0.54 0.24 NIL* NIL* 2 30.01.2014 1 2000 0.56 0.24 NIL* NIL* 3 01.04.2014 Ever Bright 1 250 0.69 0.30 25000** 24999 4 30.05.2014 Trading 1 1000 1.45 0.63 399 398 5 09.06.2014 Private 1 1000 1.70 0.74 398 397 6 11.06.2014 Limited 1 1000 1.85 0.81 397 396 7 12.06.2014 (earlier 1 1000 1.95 0.85 396 395 8 26.06.2014 known as 1 1000 2.25 0.98 395 394 9 10.07.2014 Mould 1 1000 2.75 1.20 394 393 10 06.08.2014 Trading 5 2000 4.05 1.77 393 388 11 08.08.2014 Private 5 2000 4.25 1.85 388 383 12 11.08.2014 Limited) 6 2000 4.50 1.96 383 377 13 13.08.2014 (Noticee no 2 2 4.95 2.16 377 375 14 14.08.2014 1) 1 110 5.20 2.27 375 374 15 19.08.2014 5 1000 5.45 2.38 372 367 16 21.08.2014 2 500 5.75 2.51 367 365

Table 5 No of Balance Date of Buy LTP LTP shares no of Sell order S No. transactio Seller name order contribu contribu held shares volume n volume tion (Rs) tion (%) before after trade trade Total 35 16862 47.89 20.89 1 09.04.2014 1 1000 0.72 0.31 500 499 2 15.04.2014 1 5000 0.75 0.33 499 498 3 22.04.2014 1 5000 0.87 0.38 498 497 4 29.04.2014 1 2000 0.96 0.42 497 496 5 06.05.2014 1 5000 1.05 0.46 496 495 Prateek 6 13.05.2014 1 5000 1.15 0.50 495 494 Shaileshbhai 7 20.05.2014 1 1000 1.25 0.55 494 493 Patel 8 27.05.2014 1 1000 1.35 0.59 493 492 (Noticee 9 03.06.2014 1 1000 1.55 0.68 492 491 No.2) 10 10.06.2014 1 1000 1.80 0.78 491 490 11 20.06.2014 1 1000 2.05 0.89 90 89 12 30.06.2014 1 1000 2.40 1.05 89 88 13 08.07.2014 1 1000 2.65 1.16 88 87 Total 13 30000 18.55 8.09 1 10.04.2014 1 2000 0.73 0.32 500 499 2 21.04.2014 1 5000 0.83 0.36 499 498 3 28.04.2014 1 5000 0.92 0.40 498 497 4 05.05.2014 Chintan 1 5000 0.97 0.42 147 146 5 12.05.2014 Bharatbhai 1 5000 1.10 0.48 146 145 6 19.05.2014 Kapadia 1 1000 1.20 0.52 145 144 7 28.05.2014 (Noticee 1 1000 1.40 0.61 144 143 8 04.06.2014 No.3) 1 1000 1.60 0.70 143 142 9 23.06.2014 1 200 2.15 0.94 142 140 10 03.07.2014 10 25 2.50 1.09 140 130 11 15.07.2014 1 1000 2.90 1.26 130 129 Total 20 26225 16.30 7.11 1 05.08.2014 1 1000 3.90 1.70 129 128 2 02.09.2014 Akshaykum 2 25 13.70 5.97 128 126 3 12.09.2014 ar Aniruddh 1 100 3.60 1.57 126 125 4 15.09.2014 Pandya 2 48 3.65 1.59 125 123 5 24.09.2014 (Noticee 2 5 4.20 1.83 123 121 6 25.09.2014 No.4) 2 5 4.25 1.85 121 119 7 29.09.2014 2 5 4.45 1.94 119 117 Total 12 1188 37.75 16.46 1 01.08.2014 1 1 3.60 1.57 6 5 2 16.09.2014 1 10 3.70 1.61 60 59 Keval 3 17.09.2014 2 25 3.80 1.66 59 57 Chandrakant 4 19.09.2014 1 10 3.95 1.72 57 56 Shah 5 22.09.2014 1 5 4.05 1.77 56 55 (Noticee 6 23.09.2014 2 100 4.10 1.79 55 53 No.5) 7 26.09.2014 3 1 4.30 1.88 53 52 8 30.09.2014 2 5 4.55 1.98 54 52

Table 5 No of Balance Date of Buy LTP LTP shares no of Sell order S No. transactio Seller name order contribu contribu held shares volume n volume tion (Rs) tion (%) before after trade trade Total 13 157 32.05 13.98 1 25.08.2014 South Asia 8 200 6.30 2.75 25 17 2 26.08.2014 Portfolios 3 5 6.65 2.90 17 14 3 28.08.2014 Private 1 1000 6.95 3.03 14 13 Limited 08.09.2014 (Noticee no 2 4 6) 200 3.30 1.44 12 10 Total 14 1405 23.20 10.12 Total of 6 connected entities 107 75837 175.74 76.64 *shares of the company were not held by the entity. Hence, the transaction was settled through auction mechanism. ** received by Noticee no 1 from one Mr. Mukesh Ramchandra Lade through off market.

11. In this regard, the relevant provisions of law alleged to have been violated are as under: PFUTP Regulations, 2003 Regulation 3. Prohibition of certain dealings in securities “No person shall directly or indirectly (a) buy, sell or otherwise deal in the securities in a fraudulent manner; (b) use or employ, in connection with issue, purchase or sale of any security listed or proposed to be listed in a recognized stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under; (c) employ any device, scheme or artifice to defraud in connection with dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange; (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under. Regulation 4. Prohibition of manipulative, fraudulent and unfair trade practices (1) Without prejudice to the provisions of regulation 3, no person shall indulge in a fraudulent or an unfair trade practice in securities.

(2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include all or any of the following, namely:— (a) including in an act which creates false or misleading appearance of trading in the securities market ………… (e) any act or omission amounting to manipulation of the price of a security;

12. I note that the Noticees are connected with each other through off market transfers. Off market transfers are usually carried out through negotiation between known parties. The stock exchange provides a platform for investors to buy and sell securities from each other in an organized and regulated manner. Normally, investors come to the stock exchange in order to get a competitive price and a liquid market in which transactions can be completed efficiently. Off market transfers, on the other hand, require the investor to scout for a buyer or seller, as the case may be, without the benefits of regulatory, settlement and redressal provisions of the bye-laws of the stock exchange. I note that normally genuine buyer and seller trade through stock exchanges as stock exchanges and clearing corporations ensures settlement of trades. Based on off market data (Annexure 4 to SCN), I note that Noticee nos. 2 and 3 viz, Mr. Prateek Shaileshbhai Patel and Mr. Chintan Bharatbhai Kapadia received 500 shares each of GLLFL through off market transfer from Noticee no. 1, Ever Bright Trading Private Limited (earlier known as Mould Trading Private Limited) on April 07, 2014. Noticee no. 6, South Asia Portfolios Pvt. Ltd. received 25 shares of GLLFL through off market transfer from Noticee no. 1, Ever Bright Trading Private Limited (earlier known as Mould Trading Private Limited) on August 25, 2014. Noticee no. 4, Mr. Akshaykumar Anirudh Pandya received 129 shares of GLLFL through off market transfer from Noticee no. 3, Mr. Chintan Bharatbhai Kapadia on July 24, 2014. Mr. Prateek Shaileshbhai Patel, Mr. Chintan Bharatbhai Kapadia and Mr. Akshaykumar Anirudh Pandya each transferred 350, 400 and 90 shares to one Mr. Dhaval Chandrakant Shah on various dates. Noticee no. 5, Mr. Keval Chandrakant Shah and Mr. Dhaval Chandrakant Shah are brothers and have a common address. As per the KYC of Mr. Dhaval Chandrakant Shah for opening an account with Jhaveri Securities Limited, Mr. Keval Chandrakant Shah was the introducer.

13. On perusing the table 6 below, I note that GLLFL had reported ‘nil’ income for the financial year ended 2014 to 2016. Further, losses reported by the Company increased significantly for the financial year ended 2016, in comparison to financial year ended 2014.

(Source – bseindia.com) (Rs. In Crores) Table 6 Year Ended Particulars 2014 2015 2016 Net Sales 0 0 0 Other Income 0 0 0 Total Sales 0 0 0 Profit /Loss after Tax -0.02 -0.05 -0.15

14. I also note that during the investigation period, no major corporate announcements were made by the GLLFL other than declaration of financial results, change of registered office of the company and appointment/change of directors of the company. As observed in Table 6 in para 13, the company reported ‘nil income’ and further reported losses for three consecutive financial years. Therefore, the rise of the price of the scrip of GLLFL from Rs. 11.39 to Rs. 232.4 during the period from January 29, 2014 to September 30, 2014 is very intriguing.

15. I note that the price of the scrip of GLLFL rose from Rs. 11.39 to Rs. 232.4 during the period from January 29, 2014 to September 30, 2014 out of which the rise of Rs. 175.74 (76.64% of total market positive LTP) resulted from the 59 trades done by the Noticees as shown in Table 5 in para 10(c)(ii). I also note that in the 59 trades, where the buy orders were available with quantity in the range of 5 to 5000 shares (mostly 1000 or 5000 shares), all the Noticees put their sell orders with quantity of shares in single digits i.e. mostly 1 or 2 shares as shown in Table 5 in para 10(c)(ii). By executing these trades, the Noticees had matched the prices of prevailing buy orders which were placed at a higher price than the last traded price and thus contributed to the increased scrip price with each of their trades. I note that these 59 trades were done on 59 different trading days across the period and each trade resulted in a higher LTP.

16. I note that on perusing the transaction statements from depositories, I note that the Noticees were holding substantial quantity of shares during the period of their respective sale transactions. Despite holding substantial quantity of shares (as shown in the column entitled, “No. of shares held before trade” in Table 5 in para 10 (c)(ii)), the Noticees released very small amount of shares i.e. mostly 1 or 2 shares (as shown in the column entitled, “Sell Order Volume” in Table 5) even though large buy orders i.e. mostly 1000 shares were available (as can be seen from the column entitled, “Buy Order Volume”). I note that the Noticees matched the buy orders which were above LTP with volume in small quantities as shown above in para 10(c)(ii). Therefore, I note that such trades, in the facts and circumstances of this case, are non-genuine and that the only intention of such trading was to mark the price higher than LTP and thereby to manipulate the scrip price of GLLFL. Furthermore, the Noticees executed not more than one transaction in a day by placing orders of not more than 1 or 2 shares which contributed to a positive LTP of 76.64%.

17. Based on the above facts and circumstances, I note that Noticees 1 to 6, were acting in concert and contributed to manipulation in the scrip price by marking the price higher than the LTP as shown in Table 5 at para 10(c)(ii) and contributed to increase in price of the scrip with each of their small trades, thereby creating a misleading appearance of trading in the scrip.

18. I note that Noticee no. 2, Mr. Prateek Shaileshbhai Patel in his reply dated October 26, 2017 has stated that he usually makes small investments by taking various expert advice from business news channels. He came in contact with one Mr. Ashok Hiralal Shah at the office of his broker and offered him and his friends to use their demat accounts in return for a reasonable consideration. According to the Noticee, Mr. Ashok Hiralal Shah utilized the Noticee No.2’s demat account for trading in the shares of GLLFL. The sale proceeds were given back to Mr. Ashok Hiralal Shah in cash by the Noticee. It has also been submitted that Mr. Ashok Hiralal Shah was the holder of 12,00,000 locked in shares of GLLFL. According to the Noticee, as the lock in period was from January 2014 to December 2014, the real beneficiaries of the said price increase started the tactics of manipulating the price of the scrip by utilizing the demat account of people known to him in the said period. Noticee no. 3, Mr. Chintan Bharatbhai Kapadia, Noticee no. 4, Mr. Akshaykumar Aniruddh Pandya and Noticee no. 5, Mr. Keval Chandrakant Shah have made the same submissions as that of Noticee no. 2, Mr. Prateek Shaileshbhai Patel. The Noticees have not furnished any evidence to prove their claim. In this regard, I note the observations of the Hon’ble Securities Appellate Tribunal (hereinafter referred to as “SAT”) in Manish Arvindbhai Waghela v. SEBI (Appeal no. 156 of 2018, decided on March 15, 2019) which is as under:

Misusing the e-mail id, mobile number and bank account etc. and trading in securities market using the same is a serious issue. In such matters one is expected to take immediate action soon after knowing the same. The misuse of demat account is a very serious issue. The Noticees have not adduced any evidence to show that they have taken action against Mr. Ashok Hiralal Shah for allegedly misusing their demat account. Therefore, I am unable to accept the contention of the Noticees.

19. I note that the Noticees were instrumental in establishing a price higher than the last traded price and thus contributed to increased scrip price with each of their trades. I note that the repeated nature of such trades by the Noticees, establishes their culpability in increasing the price as illustrated in paras 10 to 18. Therefore, I note that the trading pattern of the Noticees shows that the Noticees created a misleading appearance of trading.

20. I further note that the Hon’ble SAT in Sanjay Kumar Tayal & Others v. SEBI (Appeal No. 68 of 2013, decided on February 11, 2014), where an entity was found to have raised the New High Price by placing just 1 share in buy order, in each of nine transactions, when sell orders were available for higher quantity (contributing to 9.17% of NHP), upheld the findings and penalty imposed by the Adjudicating Officer, inter alia observed as under:

“ 9…………. Very fact that the appellant had indulged in self trades/ LTP/ NHP without giving justifiable reason, clearly justifies the inference drawn by the AO that the trades executed by the appellant were manipulative trades. 10.. …………In the facts of the present case, in our opinion, no fault can be found with the decision of the AO that the trades executed by the appellant were manipulative trades and hence, the appellant was guilty of violating the SEBI Act and the PFUTP Regulations.” In the facts and circumstances of this case, I note that trades executed by the Noticees by placing sell orders as illustrated in para 10(c)(ii) were manipulative trades.

21. Hence, in view of the above, I find the six Noticees to be guilty of violating 3(a),(b),(d) and Regulation 4(1), 4(2) (a) & 4(2) (e) of SEBI (PFUTP) Regulations, 2003 and accordingly I pass the following directions:

ORDER & DIRECTIONS

22. I, in exercise of the powers conferred upon me under section 19 read with sections 11(1), 11(4) and 11B of the Securities and Exchange Board of India Act, 1992, hereby restrain the following Noticees from accessing the securities market and further prohibit them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of four (4) years, from the date of this order. During the period of restraint, the aforesaid Noticees’ existing holding, including units of mutual funds, of the Noticees shall remain frozen.

Noticee No. Name of the Noticees PAN 1 Ever Bright Trading Private Limited (earlier AAICM3232F known as Mould Trading Private Ltd.) 2 Mr. Prateek Shaileshbhai Patel BSHPP0982J 3 Mr. Chintan Bharatbhai Kapadia AUDPK9076H 4 Mr. Akshaykumar Aniruddh Pandya AQBPP1300R 5 Mr. Keval Chandrakant Shah CDWPS5830H 6 South Asia Portfolios Private Limited AABCS5265M

23. This order shall come into force with immediate effect.

24. A copy of this order shall be sent to the Directors of Income Tax (Inv.), Kolkata.

25. A copy of this order shall be served on all recognized stock exchanges, depositories and RTAs of mutual funds to ensure compliance with above directions.

Sd/- Date: March 26, 2019 ANANTA BARUA Place: Mumbai WHOLE TIME MEMBER