sebi:EAD-2/DSR/RG/499/2015
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Facts / Headnote
Violation established; penalty of Rs. 2,00,000 imposed under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(5)
Parties
- Shri Vinod Kumar
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 110000 shares to the company and stock exchange, and is liable to monetary penalty under Section 15A(b) of the SEBI Act. A penalty of Rs. 2,00,000 was imposed.
Full text
Page 2 of 7 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, the Noticee had failed to do so.
Page 3 of 7 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 he has engaged a legal counsel to represent him 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 7 8. Before moving forward, it will be appropriate to refer to the relevant provisions of PIT Regulations which read as under:- Relevant provisions of PIT Regulations: 13(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/499/2015. 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.