SEBI v. Bharat J. Patel (fictitious backdated trades, Global Telesystems, 2022)
Dismissed
Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
A SEBI whole-time member closed enquiry proceedings against the stockbroker Bharat J. Patel over alleged fictitious and backdated trades in Global Telesystems shares in 2000 because the broker died in May 2021. The designated authority had recommended only a censure.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2022-09-05 |
| Date resolved | 2022-09-05 |
| Court | SEBI whole-time member |
| Status | dismissed |
| Asset class | equities |
| Instruments | Global Telesystems Ltd shares |
| Venue | BSE |
| Criminal parallel | No |
| Defendants | Bharat J. Patel |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
The final order was issued on 5 September 2022 by a whole-time member of the Securities and Exchange Board of India under the Intermediaries Regulations. The noticee was Bharat J. Patel, a stockbroker and trading member of the BSE. A designated authority's report of June 2021 had recommended a censure.
The proceedings arose from an October 2002 complaint by Tata Finance Ltd, which alleged that fictitious and backdated trades in shares of Global Telesystems Ltd and a company later merged into it were executed between Niskalp Investment and Trading Ltd and Tata Finance in September to December 2000, with the help of three brokers including the noticee. The designated authority was asked to examine breaches of the PFUTP Regulations and the broker code of conduct.
The order reviews the same mitigating factors as in the related orders against the other two brokers: the passage of about 20 years, two chances given to rights issue subscribers to exit, and a tribunal outcome in which other parties were only warned. It says a warning would have been the appropriate end, but a death certificate showed that the noticee died on 29 May 2021.
The whole-time member therefore directed that the proceedings against him stand abated. No finding of breach is made against the noticee in the operative direction, and no penalty, suspension or bar results.
The record does not show any appeal. It describes no criminal case. This record has no technique tag because the alleged conduct, fabricated trades and contract notes, fits none of the library's manipulation techniques.
This library tags the matter as not mapped to any manipulation technique. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
- 2022-09-05 SEBI order
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.