Sebi revokes interim ban against individual

Sebi today revoked interim ban on an individual in two separate cases related to Radford Global and Mishka Finance and Trading whereby the regulator had barred him from the securities market till further directions.
The directions against Jayesh Narendra Kesharia have been revoked by Sebi, which in December last year had passed an order against him and 107 other entities for suspected tax evasion and laundering of black money through stock trading platforms relating to shares of Radford Global.
In April 2015, he was barred from the market in a similar case relating to Mishka Finance and Trading Ltd.
"I do not find sufficient material at this stage to attribute role of the noticee (Jayesh Narendra Kesharia) in the dubious plan, scheme or devices and to continue the directions issued in the interim order against the noticee," Securities and Exchange Board of India (Sebi) Wholetime Director Rajeev Kumar Aggarwal said in two similar sounding orders.

In the case of Radford Global, Aggarwal said the noticee is not related to the company or its promoters or directors or with any entities mentioned in the interim order.
"The noticee has demonstrated that he had placed the buy orders seeing huge demands on previous trading day as against thin volume traded and purchase quantity was always far less than the traded volume.

"Further, he had placed impugned orders in the scrip without foreseeing any manipulation or being a party to the scheme described in the interim order. He has also demonstrated that he had purchased only 184 shares out of his own funds through 8 instances of trades without being party to the scheme in question," the order said.

In the Mishka Finance and Trading case, Sebi said, "Further, he had placed impugned orders in the scrip without foreseeing any manipulation or being a party to the scheme described in the interim order. He has also demonstrated that he had purchased only 15 shares out of his own funds through 4 trades without being party to the scheme in question."
Taking into account all these factors, Aggarwal in the orders said the directions issued against the noticee stand revoked.
Meanwhile, Sebi on November 9 had barred 15 more individuals in the Radford Global case.