sebi:EAD/PM-AA/AO/3/2018-19
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Facts / Headnote
Violation not established; Show Cause Notice dated December 14, 2017 disposed of without imposition of any penalty
Provisions invoked
- s. 15I
- s. 15G
Regulations
- Reg. 3(i)
- Reg. 12(2)
Parties
- Shashidharan Kotian
Holding
The Adjudicating Officer held that violation of Regulation 3(i) of the PIT Regulations, 1992 by Shri Shashidharan Kotian for selling 733 shares of MCX between October 18, 2012 and April 29, 2013 was not established. The Show Cause Notice EAD/AO-PM/AA/OW/31611/2017 dated December 14, 2017 was accordingly disposed of without imposition of any penalty.
Full text
Adjudication Order in respect of Shashidharan Kotian in the matter of MCX Page 2 of 7 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 Shashidharan Kotian in the matter of MCX Page 3 of 7 Insider Trading) Regulations, 2015 (hereinafter referred to as “PIT Regulations, 2015”). APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Shashidharan Kotian in the matter of MCX Page 4 of 7 WTM Order dated January 05, 2018, the undersigned is of the opinion that the present matter can be decided on the basis of facts/materials available on record without personally hearing the Noticee. CONSIDERATION OF ISSUES AND FINDINGS
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