sebi:EAD-2/DSR/RG/PU/274/2014
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Facts / Headnote
Penalty imposed on the Noticee for failure to make disclosures under Regulation 13(3) and 13(4) read with Regulation 13(5) of the PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(4)
- Reg. 13(3)
- Reg. 13(5)
Parties
- Shri Vinod Narsiman
Holding
The Noticee, a Director of IHPML, failed to make necessary disclosures to the company under Regulation 13(3) and 13(4) read with Regulation 13(5) of the PIT Regulations for multiple share transactions in 2003, and a penalty of Rs. 12,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 10 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'). Further, on May 28, 2003, the Noticee had purchased additional 1,900 shares which increased his holding from 7.32% to 9.33%, i.e. by 2% and he was required to make the disclosures to the company as required under Regulation 13(3) read with Regulation 13(5) of the PIT Regulations. However, it was observed that the Noticee failed to do so.
Page 3 of 10 to the SCN. The Authorized Representatives (ARs) appeared on behalf of the Noticee on the scheduled date. The ARs reiterated the submissions made by the Noticee vide his reply dated July 24, 2014 and further, vide letter dated August 02, 2014, made additional submissions in the matter. They also submitted copies of the Noticee's shareholding patterns for the quarters ending June 2003 and December 2003.
Page 4 of 10 sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company. (4) Any person who is a director or officer of a listed company, shall disclose to the company 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 from the last disclosure made under sub-regulation (2) 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. ........... (5) The disclosure mentioned in sub-regulations (3) and (4) shall be made within four working days of: (a) the receipts of intimation of allotment of shares, or (b) the acquisition or sale of shares or voting rights, as the case may be.”
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Source: SecMarx — sebi:EAD-2/DSR/RG/PU/274/2014. 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.