sebi:EAD/PM-AA/AO/28/2017-18
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Facts / Headnote
Show Cause Notice dated December 14, 2017 disposed of without imposition of any penalty; violation not established
Provisions invoked
- s. 15I
- s. 15G
Regulations
- Reg. 3(i)
- Reg. 12(2)
Parties
- Paras Ajmera
Holding
The Adjudicating Officer held that the alleged violation of Regulation 3(i) of PIT Regulations, 1992 by Shri Paras Ajmera for selling 5,43,721 shares of MCX between December 03, 2012 and June 14, 2013 was not established, and disposed of the Show Cause Notice dated December 14, 2017 without imposition of any penalty.
Full text
Adjudication Order in respect of Paras Ajmera in the matter of MCX Page 2 of 8 days and impending payment defaults by the members of NSEL and loss of reputation of Promoters and Management of MCX. It was observed that any news impacting business of NSEL will automatically impact share price of its holding company (i.e. FTIL) and associate companies (i.e. MCX) and any news impacting credentials of Promoters and Management of FTIL, NSEL and MCX will also impact the share price of MCX, therefore suspension of trading by NSEL was a negative news. As per the Investigating Authority, the UPSI came into existence on April 27, 2012, upon the issuance of the SCN to NSEL, by the DCA and it ceased to exist when NSEL suspended trading in all contracts (except e-series contracts) and deferred settlement of all pending contracts on July 31, 2013.
Adjudication Order in respect of Paras Ajmera in the matter of MCX Page 3 of 8 Insider Trading) Regulations, 2015 (hereinafter referred to as “PIT Regulations, 2015”). APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Paras Ajmera in the matter of MCX Page 4 of 8 dropped and all directions issued by SEBI vide aforesaid
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Source: SecMarx — sebi:EAD/PM-AA/AO/28/2017-18. 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.