sebi:AK/AO-107/2014
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Facts / Headnote
Penalty imposed on the Noticee under Section 15A(b) of the SEBI Act for violations of PIT Regulations and SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 2
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29
Parties
- Mr. Dipak Kalyanji Tanna
Holding
The Noticee failed to file required disclosures under Regulation 13(3) read with 13(5) of the PIT Regulations and Regulation 29(2) read with 29(3) of the SAST Regulations, 2011 following a decrease in his shareholding by more than 2% during June 28, 2013 to July 24, 2013. Penalties of Rs. 2,00,000 under each regulation, totaling Rs. 4,00,000, were imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Looks Health Services Limited Page 2 of 10 SHOW CAUSE NOTICE, HEARING AND REPLY
Adjudication Order in the matter of Looks Health Services Limited Page 3 of 10 c. That the Noticee is not a regular investor in the securities market and was not aware that the disclosures are required to be made under the SAST Regulation, 2011 and PIT Regulations; d. That pursuant to the sale of shares by the Noticee in June‐July 2013, the price of the scrip increased. That the sale of the Noticee did not have any impact on the price of the scrip and that he had an opportunity loss by selling the shares at a lower price; e. The Noticee did not make any unfair gain nor cause any harm or loss to the investors because of the non disclosures.
Adjudication Order in the matter of Looks Health Services Limited Page 4 of 10 with 29(3) of the SAST Regulations, 2011 pursuant to decrease in his shareholding by more than 2% during the period from June 28, 2013 to July 24, 2013?; b. Whether further the failure on the part of the Noticee to comply with the aforesaid provisions of the SAST Regulations, 2011 and PIT Regulations attracts monetary penalty under section 15A(b) of SEBI Act?, and; c. If so, what would be the monetary penalty that can be imposed on the Noticees?
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Source: SecMarx — sebi:AK/AO-107/2014. 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.