sebi:AO/SG-VS/EAD/69/2017
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Facts / Headnote
Penalty imposed on the Noticee for violations of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 12
- s. 4A
Regulations
- Reg. 12(1)
- Reg. 2
- Reg. 13(4)
- Reg. 13(5)
Parties
- Shri Vinay Agrawal
Holding
The Noticee, as an officer of ING Vysya Bank Limited, violated regulation 13(4) read with regulation 13(5) of the PIT Regulations by failing to disclose changes in shareholding exceeding Rs. 5 lakh within two working days, and violated clause 4.2 of the Model Code of Conduct read with regulation 12(1) of the PIT Regulations by entering into opposite transactions on three occasions. A consolidated penalty of Rs. 9,00,000 was imposed.
Full text
Adjudication Order in respect of Shri Vinay Agrawal in the matter of M/s ING Vysya Bank Limited Page 2 of 13 3. From the above, it was observed by ISD that Noticee upon buying and selling the shares of ING during the period mentioned in the said table, the change in shareholding of the Noticee exceeded ` 5 lakh in value on January 17, 2012, January 18, 2012, May 02, 2013 and May 03, 2013.
Adjudication Order in respect of Shri Vinay Agrawal in the matter of M/s ING Vysya Bank Limited Page 3 of 13 Rules’) to inquire and adjudge under Section 15A(b) and Section 15HB of the SEBI Act, 1992, the alleged violations committed by the Noticee. Consequent upon the transfer of Shri Jayanta Jash, the undersigned was appointed as AO vide Order dated June 22, 2015.
Adjudication Order in respect of Shri Vinay Agrawal in the matter of M/s ING Vysya Bank Limited Page 4 of 13 attached letter for the first time , during Diwali Vacation as I am based out of Pune . I have no idea about the context of the same. …. However as I didn’t get leave for today not able to come in person , pls let me know what information / Documents required and can I call you ..”. In view of the same, vide email dated November 04, 2016, the Noticee was advised to provide his current address for correspondence. In response, the Noticee vide his email dated November 04, 2016 submitted his ‘present office address’ as “Kotak Mahindra Bank 3rd Floor Sheetal Plaza Model Colony next to ambassador hotel 411016”. However, I note that the Noticee did not mention the name of the city for the said correspondence address.
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Source: SecMarx — sebi:AO/SG-VS/EAD/69/2017. 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.