sebi:AK/AO-01/2010
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Facts / Headnote
Proceedings against the Noticee disposed off; allegation of violation not clearly established
Provisions invoked
- s. 15
- s. 19
Regulations
- Reg. 3
- Reg. 2
- Reg. 2(h)
Parties
- Apurva Shah
Holding
The Adjudicating Officer held that the allegation that the Noticee (Apurva Shah) violated Regulation 3(ii) read with Regulation 2(h)(iii) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 was not clearly established, and disposed of the proceedings against him without imposing any penalty.
Full text
Page 2 of 9 referred to as DSPML) acted as the buy side advisors to Aban in respect of the acquisition of the company during 2000‐01.
Page 3 of 9 5. Further, it was alleged that Mr. Paresh Thakkar, with the help of his uncle Mr. Bharat Palan and M/s. Vinayak Investments, whose proprietor is Mr. Naresh Thakkar, a relative of Mr. Bharat Palan, bought around 2,00,000 shares of the company between March 14 and 16, 2001 based on the above unpublished price sensitive information and made a profit to the tune of about Rs. 1,00,00,000/‐ from the said transactions.
Page 4 of 9 9. The undersigned was appointed as Adjudicating Officer vide SEBI order dated January 20, 2005 under Section 19 of the SEBI Act read with Section 15‐ I of the Act and Rule 3 of SEBI (Procedure for holding inquiry and imposing penalties by Adjudicating Officer) Rules, 1995. (hereinafter referred to as “Rules”) for holding an inquiry for the purposes of adjudication.
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Source: SecMarx — sebi:AK/AO-01/2010. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.