sebi:EAD/PM-NK/AO/57/2017-18
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 199
- Reg. 13(4)
- Reg. 13(5)
- Reg. 201
- Reg. 12(2)
Parties
- Mr. Tushar Ramchandra Rane
Holding
The Noticee, as director of Tilak Finance Limited, violated Regulation 13(4) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992 by failing to disclose changes in shareholding exceeding 25,000 shares on October 14, 2013 and February 28, 2014, and was held liable to a monetary penalty of Rs. 2,00,000 under Section 15A(b) of SEBI Act, 1992.
Full text
Page 2 of 16 read with Regulation 13 (5) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as SEBI (PIT) Regulations, 1992).
Page 3 of 16 Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under section 15A(b) of the SEBI Act for the alleged violations of provisions of Regulation 13(4) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992 and Regulation 12(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as “SEBI (PIT) Regulations, 2015”).
Page 4 of 16 That his client was shocked and surprised to see the SCN. He submitted that his client was a simple and innocent man hardly earning for livelihood. He is uneducated and cannot do such things and was not aware about the share market at all as alleged in the SCN. He further stated that it appears to his client that someone has misused his name and made him false director in the company and misused for doing fraud transaction in his name. Further, that his client was working for one Mr. Giriraj Kishore Agrawal having office at E-109, Crystal Plaza New Link Road Andheri (West) Mumbai, who was expert in share market. He further stated that the above person had taken his client’s and his client’s wife signatures on various papers and that he may have misused them for trading in his client’s name. Further, that his client is a poor Marathi man and it is not possible for him to do such irregularities as mentioned in the SCN since he does not know anything about share market. It is criminal matter which requires investigation against the said person which has done the same in the name of fictitious person and someone is misusing and trading in such a way. Further, that his client says that his employer, Mr. Giriraj Kishore Agarwal is engaged and involved in such irregularity, therefore it is required to trap him in said case and criminal case as per SEBI Law. Further that his client other than the above does not know anything alleged in the letter (SCN) about shar
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Source: SecMarx — sebi:EAD/PM-NK/AO/57/2017-18. 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.