sebi:AO/SBM/EAD-3/2/2017
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Facts / Headnote
Penalty of Rs 2,00,000 imposed on the Noticee for failure to make disclosures under SAST and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15F
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 29(1)
- Reg. 7(1)
- Reg. 29(3)
- Reg. 12
- Reg. 29
Parties
- Shri Kirit V Dave
Holding
The Noticee violated Regulation 29(1) read with Regulation 29(3) of the SAST Regulations, 2011 and Regulation 13(1) of the PIT Regulations, 1992 by failing to disclose his acquisition of shares crossing the 5% threshold within two working days. A penalty of Rs 2,00,000 was imposed treating the two violations as a single violation for penalty purposes.
Full text
Page 2 of 16 the disclosure requirements specified under the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as 'SAST Regulations') and also SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as 'PIT Regulations').
Page 3 of 16 initiated against the Noticee in terms of section 15 A (b) of the SEBI Act, 1992 ( hereinafter refered to as SEBI Act) for the alleged violation committed by the Noticee.
Page 4 of 16 (i) At the outset and without prejudice to anything stated hereinafter, I deny all the allegations and findings made against me in the said notice except to the extent specifically admitted by me. (ii) I submit that the fact that I acquired more than 5% shares in quarter ending March 2013 was available in public domain as the same was disclosed by Splash in the quarterly shareholding pattern filed by them under the category 'Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares'. I submit that the quarterly shareholding pattern filed under Clause 35 of the Listing Agreement is normally filed within 21 days of the end of the quarter and in this case also, the quarterly shareholding pattern must have been filed by Splash in and around 21st April, 2013.1 submit and reiterate that my shareholding was disclosed in the shareholding pattern filed under clause 35 of the Listing Agreement under the heading 'Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares' and the same was in public domain. Hence, I deny that there was any non-disclosure on my part. In view of the same, I deny that I have violated Regulation 13(1) of PIT Regulations and Regulation 29(1) read with 29(3) of Takeover Regulations. (iii) I submit that I am a small time retail investor in the securities market, have always invested in small quantities. Hence, I was not aware of any disclosures to be made with regard
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Source: SecMarx — sebi:AO/SBM/EAD-3/2/2017. 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.