sebi:BS/AO/62/2018-19
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 12
- s. 4A
Regulations
- Reg. 12(1)
- Reg. 12
Holding
The Noticee violated Clause 4.2 Model Code of Conduct specified in Part A of Schedule I read with Regulation 12(1) of the PIT Regulations read with Regulation 12 of the PIT Regulations, 2015 by entering into opposite transactions within six months. A penalty of Rs. 10,00,000 under Section 15HB of the SEBI Act was imposed.
Full text
Page 2 of 10 Noticee) during the period January 04, 2010 to September 30, 2010 (hereinafter referred to as the Investigation Period).
Page 3 of 10 7. Subsequently vide Hearing Notice dated March 18, 2017, Noticee was granted an opportunity of being heard on June 03, 2018. However Noticee did not appear for the aforesaid hearing. Considering the fact that the Noticee failed to file any reply to the SCN, nor availed the opportunity of hearing granted to her, I am constrained to proceed with the inquiry on the basis of the material available on record.
Page 4 of 10 officers/ designated employees shall also not take positions in derivative transactions in the shares of the company at any time. In the case of subscription in the primary market (initial public offers), the above mentioned entities shall hold their investments for a minimum period of 30 days. The holding period would commence when the securities are actually allotted. Code of internal procedures and conduct for listed companies and other entities. 12. (1) All listed companies and organisations associated with securities markets including: (a) the intermediaries as mentioned in section 12 of the Act, asset management company and trustees of mutual funds ; (b) the self-regulatory organisations recognised or authorised by the Board; (c) the recognised stock exchanges and clearing house or corporations; (d) the public financial institutions as defined in section 4A of the Companies Act, 1956; and (e) the professional firms such as auditors, accountancy firms, law firms, analysts, consultants, etc., assisting or advising listed companies, shall frame a code of internal procedures and conduct as near thereto the Model Code specified in Schedule I of these Regulations without diluting it in any manner and ensure compliance of the same.”
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Source: SecMarx — sebi:BS/AO/62/2018-19. 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.