sebi:EAD-2/DSR/RG/892-893/2017
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Facts / Headnote
Penalties imposed on both Noticees for failure to make disclosures under SAST Regulations and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 13(1)
- Reg. 13(3)
- Reg. 7(1)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 12
Parties
- Shri Digambar Patil
- Ms Jyotsna Patil
Holding
The Noticees violated Regulation 29(2) read with Regulation 29(3) of the SAST Regulations and Regulation 13(3) read with Regulation 13(5) of the PIT Regulations by failing to disclose changes in shareholding exceeding 2% within two working days. Penalties of ₹2,00,000 on Shri Digambar Patil and ₹1,00,000 on Ms Jyotsna Patil were imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 11 3. SEBI, therefore, has initiated adjudication proceedings against the Noticees for the alleged violation of the said provisions of law.
Page 3 of 11 that –“the appellants did not file any reply to the second show-cause notice. This being so, it has to be presumed that the charges alleged against them in the show cause notice were admitted by them”.
Page 4 of 11 Relevant provisions of PIT Regulations: Disclosure of interest or holding in listed companies by certain persons – Continual Disclosure. 13(3) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form C the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below 5%, if there has been change in such holding from the last disclosure made under sub-regulation (1) or under this sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company.
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Source: SecMarx — sebi:EAD-2/DSR/RG/892-893/2017. 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.