Rupani clarifies SEBI order story, says tribunal had quashed the order

Ahmedabad: Reacting to news reports in section of media that Chief Minister Vijay Rupani had attracted SEBI order over HUF, Chief Minister Rupani in series of tweets and a written statement gave rebuttal and made it clear that said SEBI order was quashed and set aside by SEBI Tribunal.Presented below is full text of Rupani’s clarification:

The Securities Appellate Tribunal (SAT) has quashed and set aside the order passed by SEBI regarding transactions related to trading of shares of Sarang Chemicals.

The transaction done by Vijay Rupani HUF is just 0.1% of the total transaction. So, no major gains have been made by him through speculation.

Vijay Rupani HUF purchased shares worth about Rs. 63,000 only in 2009. It was sold in 2011 at about Rs. 35,000/- thus incurring a loss of about Rs. 28,000/-.

In case of speculation of shares, transactions worth crores of rupees take place. However in this case, the one-time transaction has nothing to do with huge profits or speculation.

Vijay Rupani HUF had purchased shares through stock exchange in demat account depositing transaction tax and had sold the shares in 2011 in a single transaction.

There is neither any violation of guidelines of SEBI, nor it is a case of illegal financial transaction.

After six years, one officer of SEBI passed an order against 22 persons imposing penalty, without even hearing anyone of them, including Vijay Rupani HUF.

One of those persons against whom such an ex-parte order was passed, approached SEBI Tribunal by filing an Appeal. Having found that none of the persons against whom the SEBI officer has passed an order is even heard, the Tribunal has quashed and set aside the said order.
The order based upon which Business Standard has carried the news is already quashed and set aside by SEBI Tribunal.