sebi:EAD-2/AO/39/2012
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Facts / Headnote
Alleged violations not established; matter disposed of without penalty
Provisions invoked
- s. 15
Regulations
- Reg. 13
Holding
The alleged violations of Regulation 13(3) read with 13(5) of the Insider Trading Regulations do not stand established against the Noticee, and the matter is disposed of without imposition of any penalty.
Full text
Page 2 of 6 The Noticee did not make any disclosures as required under the provisions of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the “Insider Trading Regulations”) though its shareholding decreased by more than 2%.
Page 3 of 6 6. It is alleged in the SCN that the Noticee held 4,00,000 shares (7.69%) in GAL as on September 30, 2003 and these shares were later transferred/sold on October 11, 2003, resulting in a decrease in the Noticee’s shareholding by more than 2% . The Noticee allegedly failed to make disclosures as required under the Insider Trading Regulations.
Page 4 of 6 Consideration of Issues, Evidence and Findings 10. I have carefully perused the charges made against the Noticee as mentioned in the SCN, written and oral submissions made by the Noticee and the documents available on record. In the instant matter the following issues arise for consideration and determination: a. Whether the Noticee has violated Regulation 13 (3) read with 13 (5) of the Insider Trading Regulations? b. Whether the Noticee is liable for monetary penalty prescribed under Section 15 A (b) of the SEBI Act for the aforesaid violation? c. If, yes what should be the quantum of monetary
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Source: SecMarx — sebi:EAD-2/AO/39/2012. 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.