sebi:EAD-2/AO/67/2012
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Facts / Headnote
Penalty imposed on Noticee for violation of Regulation 8(2) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15J
- s. 15
Regulations
- Reg. 8(2)
- Reg. 199
Parties
- Shri Tushar Shah
Holding
The Noticee, Shri Tushar Shah, violated Regulation 8(2) of the SAST Regulations by failing to disclose his shareholding to the company within 21 days from the financial year ending March 31, and is liable for a monetary penalty of Rs. 1,50,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 7 2. In view of the above, SEBI vide order dated March 23, 2011 appointed Shri P K Bindlish as the Adjudicating Officer to inquire into and adjudicate under Section 15A(b) of the SEBI Act, 1992, the alleged violation of provisions of Regulation 8(2) of SAST Regulations. Consequent upon transfer of Shri P K Bindlish, the undersigned has been appointed as the Adjudicating Officer vide Order dated May 22, 2012.
Page 3 of 7 person after recording the reasons there for. Despite having been given ample opportunities, the Noticee had failed to avail of the same. I am, therefore, compelled to proceed with the matter ex-parte based on the material available on record.
Page 4 of 7 having no. 30308357 (Shri Tushar Shah). I find from the beneficiary account statements (Demat statements) of the Noticee provided in Annexure II to the SCN that the Noticee tendered 20,00,000 shares for dematerialization which were confirmed on January 30, 2006. I find that the Noticee's shareholding was different than what was reported to BSE. Relevant transactions of the Noticee in the aforesaid beneficiary accounts were as follows:
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Source: SecMarx — sebi:EAD-2/AO/67/2012. 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.