sebi:CO/SBM/EAD-3/7/2017
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Facts / Headnote
Settlement of adjudication proceedings initiated vide SCN ref. SEBI/HO/EAD-3/5022/2017 dated March 07, 2017, on payment of Rs. 2,00,000/-
Regulations
- Reg. 17
- Reg. 15(1)
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 3(1)
Parties
- Mr. G. V. Subba Reddy
Holding
The adjudication proceedings against Mr. G. V. Subba Reddy for alleged violation of Regulation 7(2)(a) of the PIT Regulations are disposed of pursuant to a settlement on payment of Rs. 2,00,000/-, without admission or denial of any violation.
Full text
Page 2 of 4 3. It was observed that the applicant had made the relevant disclosure to the Company w.r.t the transaction involving his sale of 9400 shares of CIL on September 07, 2015 and the Company had in turn intimated the same to the Stock Exchanges viz Bombay Stock Exchange ( BSE) and National Stock Exchange ( NSE) on September 08, 2015. It is observed that the total traded value of the 9,400 shares of CIL sold by the applicant was approximately Rs 20,49,200 and therefore, in terms of Regulation 7(2) (a) of the PIT Regulations, the applicant was under an obligation to make the necessary disclosures to the Company within two trading days from the date of sale i.e two days from August 19, 2015. In view of the alleged failure on part of the Noticee to make the necessary disclosures to the Company within the stipulated time period, it was alleged that the applicant had violated the provisions of Regulation 7(2)(a) of the PIT Regulations.
Page 3 of 4 6. The settlement terms were placed before the High Powered Advisory Committee on Consent (hereinafter referred to as ‘HPAC’) on August 09,
Page 4 of 4 11. In terms of Regulation 17 of the Settlement Regulations, 2014, copies of this order are being sent to the applicant viz. Mr. G. V. Subba Reddy and also to the Securities and Exchange Board of India.
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Source: SecMarx — sebi:CO/SBM/EAD-3/7/2017. 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.