sebi:EAD/PM-AB/AO/39/2018-19
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Facts / Headnote
Show Cause Notice disposed of; allegations not sustained
Provisions invoked
- s. 15A
Regulations
- Reg. 13(4)
Parties
- Dipak D. Shah
Holding
The Show Cause Notice alleging violations of Regulation 13(4) r/w 13(5) of the PIT Regulations by Shri Dipak D. Shah was not sustained and was disposed of, as the Noticee was not covered under the ambit of "Officer" as specified in Regulation 13(4) prior to November 3, 2012, and all alleged transactions occurred before that date.
Full text
Adjudication Order in respect of Dipak Shah 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 Dipak Shah in the matter of MCX Page 3 of 5 I. Whether the Noticee was covered under the ambit of “Officer” as specified in Reg. 13(4) of the PIT Regulations?
Adjudication Order in respect of Dipak Shah in the matter of MCX Page 4 of 5 9. The contention of the Noticee is not acceptable as the wording of Reg. 13(4) makes it very clear that the disclosure has to be made when the cumulative value of transaction is more than the threshold. The trading may not be done on one day but even if the trading is spread across various days, the Noticee is liable to make disclosures whenever the threshold is arrived at.
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Source: SecMarx — sebi:EAD/PM-AB/AO/39/2018-19. 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.