sebi:AO/SBM/EAD-1/323/2018
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Facts / Headnote
Penalty imposed on the Noticee for failure to make disclosures under Regulation 29(1) r/w Regulation 29(3) of SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 29(1)
- Reg. 29
- Reg. 1
- Reg. 29(3)
Parties
- Mr. Kirit Vinodbhai Vaghela
Holding
The Noticee, Mr. Kirit Vinodbhai Vaghela, violated Regulation 29(1) read with Regulation 29(3) of the SAST Regulations, 2011 by failing to disclose his acquisition of shares of STL within two working days of crossing the 5% threshold, and a penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 11 the interim order were, inter alia , restrained from accessing securities market and also prohibited from buying, selling or dealing in the market, either directly or indirectly, in any manner whatsoever, till further directions.
Page 3 of 11 APPOINTMENT OF ADJUDICATING OFFICER 4. The undersigned was appointed as the Adjudicating Officer vide an order dated October 11, 2017 under Section 15-I of the SEBI Act read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as 'Adjudication Rules') to inquire into and adjudge under the provisions of section 15A(b) of the SEBI Act, the aforementioned alleged violation of the provisons of law by the Noticee.
Page 4 of 11 (b) Hence, the Noticee was under an obligation to make the necessary disclosures under Regulation 29 (1) read with Regulation 29 (3) of SAST Regulations w.r.t his acquisition of shares to the BSE and also to the Company within two working days of the acquisition of shares. It is alleged that the Noticee has failed to make the disclosures within the prescribed time period and therefore, had violated the provisions of Regulation 29(1) read with Regulation 29(3) of SAST Regulations, 2011. (c) It was stated in the SCN that the aforesaid alleged violation, if established, would make the Noticee liable for monetary penalty under the provisions of section 15A (b) of the SEBI Act.
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Source: SecMarx — sebi:AO/SBM/EAD-1/323/2018. 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.