sebi:BM/AO-63/2012
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Facts / Headnote
Noticee absolved of Regulation 13(3) charge but held liable for Regulation 13(4) and Regulation 7(1A) violations; penalty of Rs. 1,75,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 13
- Reg. 11
- Reg. 13(3)
- Reg. 13(4)
- Reg. 20
Parties
- Rajiv Rajaram Kashyap
Holding
The Noticee violated Regulation 13(4) read with 13(5) of PIT Regulations for the 01.07.2009 transfer and Regulation 7(1A) read with 7(2) of SAST Regulations for the 01.09.2009, 08.09.2009 and 09.09.2009 transfers by failing to disclose to the stock exchange, but was absolved of Regulation 13(3), and a penalty of Rs. 1,75,000 under Section 15A(b) was imposed.
Full text
Page 2 of 16 2. Upon examination into the dealing in the shares of the Company it was observed that the Noticee transferred 11,00,000 shares (21.79%) between 01.07.2009 to 09.09.2009. The share holding of the Noticee in the company was reduced from 24.88% to 4.57%. The shares of the company are listed at Bombay Stock Exchange (hereinafter referred to as ‘BSE’). The paid- up capital of the company during July 2009 to September 2009 was 50,47,800 shares.
Page 3 of 16 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 5. A Show Cause Notice (hereinafter referred to as “SCN”) dated May 16, 2011 was issued to the Noticee under rule 4(1) of SEBI Rules communicating the alleged violation of PIT Regulations and SAST Regulations. A supplementary to the show cause notice dated 16.05.2011 was issued vide letter dated 10.09.2012.
Page 4 of 16 its reply to the SCN vide letter dated 25.05.2011. A supplementary show cause notice was sent to the Noticee on 10.09.2012 rectifying the penalty provisions under Sec15 A (b).
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Source: SecMarx — sebi:BM/AO-63/2012. 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.