sebi:EAD-2/28/2012
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Facts / Headnote
Penalty imposed on the Noticee for violation of Model Code of Conduct clauses
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Shri Prakash Jain
Holding
The Adjudicating Officer held that the Noticee, Shri Prakash Jain, violated Clauses 3.2.2, 3.3.1 and 3.3.3 of the Model Code of Conduct prescribed in Schedule-I of the PIT Regulations by trading during the trading window closure without pre-clearance, and imposed a penalty of Rs. 2,50,000 under Section 15HB of the SEBI Act.
Full text
Page 2 of 7 development of real estate project at Bangalore. Further, it was revealed that Shri Prakash Jain (hereinafter referred to as the ‘Noticee’), Assistant Accountant in ZSL, had traded during the period of trading window closure and allegedly violated Clauses 3.2.2, 3.3.1 and 3.3.3 of Model Code of Conduct for Prevention of Insider Trading for Listed Companies (Model Code) prescribed in the Schedule-I of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘PIT Regulations’.
Page 3 of 7 which the Noticee submitted a reply to the SCN vide letter dated July 12, 2010. After considering the reply submitted by the Noticee, the AO decided to conduct an inquiry in the matter and accordingly granted an opportunity of personal hearing to him on October 04, 2011 vide letter dated August 30,
Page 4 of 7 3.3 Pre-clearance of trades 3.3-1 All directors/officers/designated employees of the company who intend to deal in the securities of the company (above a minimum threshold limit to be decided by the company) should pre-clear the transaction as per the pre-dealing procedure as described hereunder. 3.3-3 An undertaking shall be executed in favour of the company by such designated employee/director/officer incorporating, inter alia, the following clauses, as may be applicable :
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Source: SecMarx — sebi:EAD-2/28/2012. 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.