sebi:EAD/PM-AB/AO/28/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show Cause Notice disposed of; allegations not sustained
Provisions invoked
- s. 15A
Regulations
- Reg. 13(4)
Parties
- Kalpesh Shukla
Holding
The allegations against Kalpesh Shukla of violating Regulation 13(4) r/w 13(5) of the PIT Regulations were not sustained, and the Show Cause Notice was disposed of, because he was not an "Officer" under the Code of Conduct at the time of the share sales in 2012.
Full text
Adjudication Order in respect of Kalpesh Shukla in the matter of MCX Page 2 of 5 provisions of Regulation 13(4) r/w 13(5) of PIT Regulations by the Noticee. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication Order in respect of Kalpesh Shukla in the matter of MCX Page 3 of 5 a. The Noticee wrote to MCX seeking a copy of the code of Conduct. MCX vide letter dated January 8, 2018 provided a copy of the code of conduct and also clarified that the Code of Conduct was applicable to the Noticee as “Officer” w.e.f. January 3, 2013. b. Thus, it is very clear that the Noticee was not an officer at the time of sale of shares and the charges levelled in the SCN may be dropped. CONSIDERATION OF ISSUES AND FINDINGS
Adjudication Order in respect of Kalpesh Shukla in the matter of MCX Page 4 of 5 25,000 shares or 1% of total shareholding or voting rights, whichever is lower.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:EAD/PM-AB/AO/28/2018-19. 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.