sebi:EAD-2/DSR/RG/PU/249/2014
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Facts / Headnote
Penalty imposed on the Noticee for violation of Regulation 13(4) read with Regulation 13(5) of the PIT Regulations
Provisions invoked
- s. 15
- s. 15J
- s. 15A
- s. 80G
Regulations
- Reg. 13
- Reg. 13(4)
- Reg. 13(5)
Parties
- Mr. Amit Raghuvanshi
Holding
The Noticee violated Regulation 13(4) read with Regulation 13(5) of the PIT Regulations by making disclosures to the stock exchanges belatedly, and a penalty of Rs. 50,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 exchanges where the shares of BFL were listed within the prescribed timeline as prescribed under Regulation 13(4) read with Regulation 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (herein after referred to as the 'PIT Regulations'). However, it was observed that the Noticee had allegedly made the disclosures with a delay. Appointment of Adjudicating Officer
Page 3 of 7 Consideration of Issues, Evidence and Findings 6. I have carefully perused the charges levelled against the Noticee in the SCN, written/oral submissions and all the documents available on record. In the instant matter, the following issues arise for consideration and determination:
Page 4 of 7 8. I find from the SCN that BFL is listed on the BSE, the NSE and MCX. I further find that the Noticee, being a designated employee of the company, had acquired 1000 shares of BFL on December 28, 2013 and sold 1000 shares worth ` 15,63,263/- on December 31, 2013. As the value of the said transaction was more than ` 5,00,000, the Noticee, being an 'officer' of the company, was under an obligation to disclose the change in shareholding that exceeded the value of ` 5,00,000/- to the company and the stock exchanges within the prescribed timeline, as required under Regulation 13 (4) read with 13 (5) of the PIT Regulations. Since, the Noticee made the said necessary disclosures belatedly, it was alleged that he had violated the said provisions of PIT Regulations.
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Source: SecMarx — sebi:EAD-2/DSR/RG/PU/249/2014. 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.