sebi:BM/AO-18/2010
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Facts / Headnote
Violation of Regulation 13(6) held established ex-parte; monetary penalty of Rs. 3,00,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(6)
Holding
The Noticee violated Regulation 13(6) of the PIT Regulations by disclosing the director's sale of 9,79,804 shares to BSE only on June 27, 2008 after receipt on April 24/25, 2007 and by not disclosing to VSE and DSE, and a monetary penalty of Rs. 3,00,000 under Section 15A(b) of the SEBI Act was imposed.
Full text
Page 2 of 11 Director”) dealing through trading member Alankit Assignments Limited sold 9,79,804 shares accounting for 21.77% of the share capital of the company during the investigation period and made disclosure on April 24, 2007. However the Noticee disclosed the said information to BSE only on June 27, 2008.
Page 3 of 11 the Noticee through SEBI-NRO under rule 4(1) of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed on the Noticee under section 15A (b) of the SEBI Act for the alleged violation specified in the said SCN. The SCN alleged that the Noticee failed to make the required disclosure in time and the delayed disclosure made by the Noticee was not in compliance with the provisions of PIT Regulation.
Page 4 of 11 11. As per the SEBI-NRO report dated December 03, 2009, the hearing notice was delivered to Mr. Dharmesh Kumar Aggarwal, employee of the Company.
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Source: SecMarx — sebi:BM/AO-18/2010. 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.