sebi:EAD-2/DSR/RG/497/2015
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Facts / Headnote
Violation established; penalty of Rs. 3,00,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(4)
- Reg. 13(5)
Parties
- Rashmee Seengal
Holding
The Noticee, being a director-promoter of CDI, violated Regulation 13(4A) read with Regulation 13(5) of the PIT Regulations by failing to disclose sale of 4,38,000 shares to the company and BSE, and is liable to monetary penalty under Section 15A(b) of the SEBI Act, imposed at Rs. 3,00,000.
Full text
Page 2 of 9 under Regulation 13(4A) read with Regulation 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the „PIT Regulations'). However, it was noticed that the Noticee had failed to do so.
Page 3 of 9 the Noticee requested for time till April 15, 2015 to file her reply. Accordingly, vide letter dated April 15, 2015, the Noticee submitted reply in the matter. Further, vide letter dated April 30, 2015, the Noticee stated that she has some more documents and evidence to support that they had not violated the provisions of the disclosure requirements and requested time to submit the same. Also, vide letter dated May 14, 2015 and May 25, 2015, the Noticee requested for another opportunity of personal hearing and that she has engaged a legal counsel to represent her in the matter. Accordingly, the said request was acceded to and vide notice dated May 27, 2015, another opportunity of personal hearing was granted to the Noticee on June 15, 2015. However, vide e-mail dated June 10, 2015, a request to reschedule the said hearing was received from the legal representative of the Noticee. Therefore, the said personal hearing was rescheduled to June 19, 2015. The legal representative attended the hearing on the said date and made oral
Page 4 of 9 Relevant provisions of PIT Regulations: (4A) Any person who is a promoter or part of promoter group of a listed company, shall disclose to the company and the stock exchange where the securities are listed in Form D, the total number of shares or voting rights held and change in shareholding or voting rights, if there has been a change in such holdings of such person from the last disclosure made under Listing Agreement or under sub-regulation (2A) or under this sub- regulation, and the change exceeds Rs. 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights, whichever is lower.
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Source: SecMarx — sebi:EAD-2/DSR/RG/497/2015. 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.