sebi:EAD-2/DSR/RG/21/2013
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Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15A
- s. 15
- s. 2(30)
Regulations
- Reg. 3(3)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 2(g)
Parties
- Shri Mahendra Pandey
Holding
The Noticee, Shri Mahendra Pandey, was held not guilty of violating Regulation 13(4) read with Regulation 13(5) of the PIT Regulations, as he was not an 'officer' within the meaning of Regulation 2(g) of the PIT Regulations read with Section 2(30) of the Companies Act, 1956 during the relevant period.
Full text
Page 2 of 8 the SEBI Act read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 to inquire into and adjudge under Section 15A(b) of the SEBI Act, 1992 (hereinafter referred to as the Act) the alleged violation of Regulation 13(4) read with Regulation 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the 'PIT Regulations) by the Noticee.
Page 3 of 8 Consideration of Issues, Evidence and Findings: 5. I have carefully perused the charges leveled against the Noticee as per the SCN dated May 30, 2012, written and oral submissions of the Noticee and the materials & documents as available on record. The issues that arise for consideration in the present case are: a) Whether the Noticee has violated the provisions of Regulations 13(4) read with 13(5) of the PIT Regulations? b) Does the violation, if any, on the part of the Noticee attract any
Page 4 of 8 voting rights, if there has been a change in such holdings which exceeds ` 5 lakhs in value or 25000 shares or 1% of total shareholding or voting rights, whichever is lower; and such disclosure has to be made within two working days of receipt of intimation of allotment of shares or the acquisition or sale of shares or voting rights.
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Source: SecMarx — sebi:EAD-2/DSR/RG/21/2013. 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.