SEBI case remitted for fresh consideration after appeal, stock price surged to ₹146.7

It details the procedural history, including the remission of the case by the Securities Appellate Tribunal (SAT) for fresh consideration, and the findings of the investigation regarding the involvement of specific individuals and entities.

Who it concerns: Aakash Doshi, Kevin Kapadia, Dilip Doshi, Richi Dilip Doshi, Kruti Kevin Kapadia, Darshan Orna Limited, Dhanpal Gandhi, Darshan Gandhi, Jalpa Dhanpal Gandhi, Amesh Jaiswal, Jalaj Agarwal, Satyen Dalal, Vivid Mercantile Limited, Mahendra Ramniklal Shah

What SEBI found or ordered

• SEBI investigated trading activities in Darshan Orna Limited (DOL) shares from September 1, 2021, to June 30, 2022.
• SEBI found prima facie violations of the SEBI Act and PFUTP Regulations by the noticees.
• The Securities Appellate Tribunal (SAT) remitted the matter for fresh consideration in accordance with law, keeping all contentions open.
• SEBI identified a scheme involving coordinated trading and misleading recommendations on Telegram channels.
• SEBI noted that public shareholders in DOL increased by 335% (from 1,732 to 7,536) between January and March 2022.
• SEBI observed a significant spurt in trading volume to 32,60,595 shares in the quarter ending March 2022, compared to 8,96,967 in the previous quarter.
• The document lists trading volumes and percentages for specific individuals and entities, including Dilip Doshi, Aakash Doshi, and Vivid Mercantile Limited.
• The text provided is truncated and does not contain the final penalty amount or specific final directions imposed in this specific order.

Also in the document

• The case was remitted by the SAT for fresh consideration, indicating a prior adjudication order was challenged.
• SEBI identified connections between the noticees through KYC documents, bank statements, and common directorships.
• The investigation period covered a period where the stock price rose from an open of Rs 77 to a high close of Rs 146.7.
• The order mentions that Noticees 7 and 8 (Amesh Jaiswal and Jalaj Agarwal) did not trade in the shares but were alleged to have aided the scheme by posting recommendations on Telegram.