sebi:ASK/RGA/AO/73/2014
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Facts / Headnote
Penalty imposed of Rs. 5,00,000 for violation of regulation 13(4) read with 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 2(30)
- s. 2(59)
Regulations
- Reg. 13(4)
- Reg. 2
- Reg. 13(5)
- Reg. 2(g)
Parties
- Mr. Rajat Mathur
Holding
The Noticee, a designated employee and geography head of Wipro Ltd., was held to be an 'officer' of the listed company under regulation 2(g) of PIT Regulations, 1992 read with section 2(30) of Companies Act, 1956, and therefore violated regulation 13(4) read with 13(5) of PIT Regulations, 1992 by failing to disclose shareholding changes exceeding Rs. 5 lakh on three trading days. A monetary penalty of Rs. 5,00,000 was imposed under section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication order in respect of Mr. Rajat Mathur in the matter of Wipro Ltd. Page 2 of 11 August 13, 2014 2. The examination inter-alia revealed that the shares of WPL are listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange Limited (NSE). Mr. Rajat Mathur (hereinafter referred to as 'Noticee'), one of the designated employee of WPL had violated provisions of regulation 13(4) read with 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as 'PIT Regulations, 1992').
Adjudication order in respect of Mr. Rajat Mathur in the matter of Wipro Ltd. Page 3 of 11 August 13, 2014 scheduling the hearing. Accordingly, hearing opportunity was granted to the Noticee on August 05, 2014 vide notice dated July 22, 2014. The Noticee personally appeared for the hearing. The Noticee reiterated his submissions and in addition filed written submissions during the course of hearing. Vide e-mail dated August 12, 2014, Noticee made further submissions.
Adjudication order in respect of Mr. Rajat Mathur in the matter of Wipro Ltd. Page 4 of 11 August 13, 2014 Rs. 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights, whichever is lower. (4A) ..................................
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Source: SecMarx — sebi:ASK/RGA/AO/73/2014. 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.