sebi:EAD/KS/MKG/AO/174/2018-19
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed under Section 15A(b) of SEBI Act for violation of Regulation 7(2)(a) of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 92(3)
Regulations
- Reg. 7(1)
- Reg. 13(1)
- Reg. 7(2)(a)
- Reg. 29(1)
- Reg. 31A
Parties
- Surinder Jagannath Aggarwal HUF
Holding
The Noticee, Surinder Jagannath Aggarwal HUF, being a promoter of Kisan Mouldings Ltd., violated Regulation 7(2)(a) of PIT Regulations by failing to disclose three transactions in the April-June 2017 quarter and is liable to monetary penalty under Section 15A(b) of the SEBI Act. A penalty of Rs. 2,00,000 was imposed on the Noticee.
Full text
Page 2 of 12 Order in the matter of Kisan Moulding Limited Show Cause Notice, Reply and Personal Hearing 3. A show-cause notice (hereinafter referred to as ‘SCN’) no. SEBI/EAD/KS/MKG/17410/2018 dated June 18, 2018 was issued to the Noticee under rule 4 of the Adjudication Rules to show-cause as to why an inquiry should not be initiated against Noticee and penalty not be imposed upon it under section 15A(b) of SEBI Act respectively for the alleged violations specified in the said SCN. The Noticee was given 15 days of time to make its submission in respect of the
Page 3 of 12 Order in the matter of Kisan Moulding Limited SCN. Considering the principles of natural justice, an opportunity of personal hearing was provided to the Noticee on July 26, 2018 vide hearing notice dated July 12,
Page 4 of 12 Order in the matter of Kisan Moulding Limited 7 Aggarwal HUF June 29, 2017 25845 April - June, 2017 2548058.5 5 vi. The above transactions triggered the disclosure requirement under Regulation 7(2)(a) of PIT Regulations, and we were required to make disclosures to the Company in the prescribed format. Thus upon failure to make such disclosure, it has been alleged that we have violated the said provisions of Regulation 7(2)(a) of PIT Regulations, and therefore liable to penalty under Section 15A (b) of SEBI Act.
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Source: SecMarx — sebi:EAD/KS/MKG/AO/174/2018-19. 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.