sebi:EAD-2/DSR/KM/PU/71-72/2014
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Facts / Headnote
Proceedings against Noticee No.1 abated on death; Noticee No.2 held liable and penalty of Rs 1,00,00,000 imposed under Section 15G
Provisions invoked
- s. 15
- s. 370
- s. 12
- s. 15J
- s. 307
- s. 372
- s. 4A
Regulations
- Reg. 3
- Reg. 12
- Reg. 2
- Reg. 2(h)
- Reg. 2(c)(i)
Parties
- Shri Chirantan Mukherji
- Smt. Chandra Mukherji
Holding
Proceedings against Noticee No.1 Shri Chirantan Mukherji stand abated following his death on March 03, 2013, and Noticee No.2 Smt. Chandra Mukherji is held to have violated Regulations 3(i), 3(ii) and 4 of the PIT Regulations and is liable to penalty of Rs 1,00,00,000 under Section 15G of the SEBI Act.
Full text
Page 2 of 12 period of unpublished price sensitive information (UPSI) was considered to be from May 21, 2009 to August 06, 2009. It is alleged that the Noticee No.1 being the director of SIPL was privy to the UPSI and traded in the shares of SIPL. Further, he has also communicated or counseled, directly or indirectly, the UPSI to Noticee No.2 who also traded in the shares of SIPL.
Page 3 of 12 Noticees appeared on their behalf. He reiterated the written submissions and requested for a lenient view to be taken in the matter. Consequent to deputation of Shri P.K. Kuriachen, Ms. Anita Kenkare was appointed as the Adjudicating Officer, who granted another opportunity of personal hearing only to the Noticee No. 2 on August 19, 2013 vide letter dated August 05, 2013 as the Noticee's son Shri Mahiruha Mukerjee had submitted the Noticee No.1’s certificate of death vide his letter dated July 15, 2013. Noticee No. 2 vide her letter dated August 13, 2013 submitted that she has filed her written submissions inclusive of all the relevant documents and that she will not be able to attend the personal hearing. Consequent to my appointment, in the interest of natural Justice, another opportunity of personal hearing was granted only to the Noticee No. 2 on December 04, 2013 vide letter dated November 21, 2013 as the certificate of death of Noticee No.1 was already available on record. Noticee No. 2 vide her letter dated November 27, 2013 resubmitted that she has no new information to provide and that she has filed her written submissions, along with all the relevant documents and that she will not be able to attend the personal hearing.
Page 4 of 12 Prohibition on dealing, communicating or counseling on matters relating to insider trading. “3. No insider shall— (i) either on his own behalf or on behalf of any other person, deal in securities of a company listed on any stock exchange when in possession of any unpublished price sensitive information; or (ii) communicate or counsel or procure directly or indirectly any unpublished price sensitive information to any person who while in possession of such unpublished price sensitive information shall not deal in securities : Provided that nothing contained above shall be applicable to any communication required in the ordinary course of business or profession or employment or under any law.
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Source: SecMarx — sebi:EAD-2/DSR/KM/PU/71-72/2014. 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.