sebi:EAD-2/AO/96/2012
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Facts / Headnote
Violation of Regulation 13(3) of the PIT Regulations found; monetary penalty of Rs 1,00,000 under Section 15A(b) imposed
Provisions invoked
- s. 15
- s. 19
- s. 15J
- s. 15I
Regulations
- Reg. 13
Holding
The Noticee violated Regulation 13(3) of the PIT Regulations by failing to disclose a change exceeding 2% in her shareholding in ITPL, falling from 6.80% to 4.18% and further to 2.66%, and is liable to a monetary penalty of Rs 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 9 Appointment of Adjudicating Officer 2. In view of the above, SEBI vide order dated March 22, 2012 initiated adjudication proceedings under Section 19 read with section 15I of the Act and rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudicating Rules’) and appointed Shri Satya Ranjan Prasad as the Adjudicating Officer (AO) to inquire into and adjudge under Section 15 A (b) of the Act for the alleged violation of the Noticee as mentioned above. Thereafter, SEBI vide order dated May 22, 2012 appointed the undersigned as the AO in the instant matter.
Page 3 of 9 never her intention to violate any laws or Rules and Regulations made under the SEBI Act. 5. The Noticee inter alia submitted that she was neither aware of the existence of such requirement which mandates a disclosure on her part whenever she trades in a listed entity beyond the prescribed threshold limit nor was she informed by her stock broker. Trading in the scrip was suspended by BSE in the year 2002 and owing to the suspension there was blockage of funds until it was revoked in the year 2010. The Noticee sold her shares in order to regain money as soon as she was aware that trading had resumed in the scrip. She also purchased few shares from the market as on those days it was trading below the previous day’s close. It was never the Noticee’s intention to violate any law (s) or Rules and Regulations under the SEBI Act or any other prevailing laws for that matter. She is a responsible and a law abiding citizen, who would have complied with the law if she had knowledge of the same.
Page 4 of 9 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/96/2012. 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.