sebi:EAD-2/DSR/RG/146/2014
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Facts / Headnote
Penalty imposed on the Noticee for failure to make continual disclosures under Regulation 13(3) read with 13(5) of the PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(6)
- Reg. 13(5)
Parties
- Shri Gurmeet Singh Dhingra
Holding
The Noticee violated Regulation 13(3) read with Regulation 13(5) of the PIT Regulations by failing to make required disclosures upon acquisition of shares that increased his holding above 5% and upon four subsequent sales each decreasing his shareholding by more than 2%. A penalty of ₹5,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 read with Regulation 13(5) of the SEBI (Prohibition of Insider Trading) Regulations,1992 (hereinafter referred to as PIT Regulations) which were not made.
Page 3 of 8 scheduled date and made oral submissions. Further, a request was made by the Noticee to submit a detailed reply in the matter which was acceded to and accordingly, the Noticee was granted time till May 15, 2014 to submit the said reply. Thereafter, vide letter dated May 06, 2014, the Noticee submitted his detailed reply in the matter.
Page 4 of 8 change results in shareholding falling below 5%, if there has been a change in such holdings from the last disclosure made under Regulation 13(1) and such change exceeds 2% of the total shareholding or voting rights in the company. The said change is to be disclosed to the company within 2 working days from the date of acquisition or receipt of intimation of allotment of shares in terms of Regulation 13(5) of the PIT Regulations.
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Source: SecMarx — sebi:EAD-2/DSR/RG/146/2014. 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.