During the investigation, it was found that KB was putting orders ahead of orders placed by Passport India Investment Mauritius Ltd. herein after PII for brevity.
As SEBI Appellate Tribunal hereinafter SAT for brevity has taken two different views in different cases appealed herein, Securities and Exchange Board of India herein after SEBI for brevity as well as private individuals, who are alleged to have been involved in front running, are in appeal before us.
It was estimated that the KB earned a total profit of Rs.
Taking advantage of the information received from Dipak Patel, KB had indulged in trading before the PII and companysequently squared off the position when the order of PII were placed in the market.
It was alleged that Dipak Patel provided information to KB and AB regarding forthcoming trading activity of the PII.
It is to be numbered that trades were executed using the telephone number registered in the name of AB at the companymon residential address of KB and AB.
2595 OF 2013 AND 2596 OF 2013 related cases may be stated in brief.
A general trend of trading was numbericed which further revealed that the appellant was indulged in Front Running.
SEBI investigated into the activities of Shri Kanaiyalal Baldevbhai Patel herein after KB for brevity an individual trader.
1,56,32,364.01/ from the alleged trades.
Moreover the selling price, quoted by her, was close to the highest price reached on market on those days.
In CIVIL APPEAL NO.2666 OF 2013, Sujit Karkera and Group were trading through B.P. Equity Pvt.
Broadly to understand the issue at hand, the facts in CIVIL APPEAL NO.
A brief factual background would be necessary before we deal with the question of law that has arisen in this case instant.
It was found that the appellants sell orders quantity and price substantially matched with the buy orders quantity and price of other traders and that her sell order limit price was always above the sell LTP but was same or very close to the buy limit price of other traders.
One Dipak Patel, was the portfolio manager of PII, who also happens to be a companysin of KB and one Shri Anandkumar Baldevbhai Patel herein after AB for brevity.
