SEBI issues Show Cause Notice 7 years after 2016 trading period

This order details SEBI's adjudication proceedings against Bhavin Sureshbhai Thakkar for alleged market manipulation in the shares of Evexia Lifecare Limited (formerly Kavit Industries Ltd.) between August and November 2016. SEBI examined whether the individual used small, repeated buy orders to artificially inflate the stock price.

Bhavin Sureshbhai Thakkar (individual); Evexia Lifecare Limited (company, formerly Kavit Industries Ltd.)

• SEBI alleged violations of Section 12A of the SEBI Act and PFUTP Regulations 2003.
• Investigation period: August 11, 2016 to November 11, 2016.
• SEBI found the Noticee contributed ₹59.48 to total market positive Last Traded Price (LTP), representing 40.85% of the market's positive LTP.
• SEBI noted that 179 of the Noticee's trades were single-share buy orders placed after sell orders were already available in the market.
• SEBI alleged the Noticee contributed ₹5.02 to the New High Price (NHP), which was 37.80% of the total market NHP.
• The Noticee claimed to be a day trader testing market depth, but SEBI alleged the pattern indicated manipulative intent.
• The order text provided is truncated and does not contain the final penalty amount or final direction.

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