sebi:BS/AO/66/2018-19
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Facts / Headnote
Violation established; penalty of Rs 2,00,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 199
- Reg. 13(1)
- Reg. 13(3)
Holding
The Noticee violated Regulations 7(1) and 7(2) of the SAST Regulations and Regulations 13(1) and 13(3) of the PIT Regulations and a penalty of Rs 2,00,000 under Section 15A(b) of the SEBI Act, 1992 was imposed.
Full text
Page 2 of 11 2. It was alleged that the Noticee did not make necessary disclosures to GML and the Bombay Stock Exchange, (BSE) where the shares of the company are listed in terms of the provisions of SAST Regulations and PIT Regulations.
Page 3 of 11 CONSIDERATION OF ISSUES AND FINDINGS 8. I have carefully examined the material available on record. The issues that arise for consideration in the present case are : a. Whether Noticee has violated the provisions of Regulations 7(1) and 7(2) of the SAST Regulations and Regulations 13(1) and 13(3) of the PIT Regulations? b. Does the violation, if established, attract monetary penalty under Section 15A(b) of SEBI Act, 1992? c. If yes, then what should be the quantum of penalty?
Page 4 of 11 PIT Regulations Disclosure of interest or holding by directors and officers and substantial shareholders in a listed companies - Initial Disclosure. 13. (1) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form A, the number of shares or voting rights held by such person, on becoming such holder, within 2 working days of :— (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be. … Continual disclosure. (3) Any person who holds more than 5% shares for voting rights in any listed company shall disclose to the company in Form C the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below 5%, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company.”
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Source: SecMarx — sebi:BS/AO/66/2018-19. 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.