sebi:EAD-2/DSR/VS/846-853/2017
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Facts / Headnote
Penalties totaling Rs. 5,00,000 imposed on eight noticees
Provisions invoked
- s. 13
- s. 16
- s. 23
- s. 23H
- s. 29A
Parties
- Ramana Bharati
- Ramana Boina Shankar
- Polsani Ravinder Rao
- Sreeram V Mangalapalli
- N. Venugopal
- A R S Rajan
- Lakshmi Rajan
- Pabbathi Venkata Ravi Kumar
Holding
The Noticees violated Section 2(i) read with Section 13 of SCRA and Notification No. SO 184(E) dated March 1, 2000, and monetary penalties under Section 23H of SCRA were imposed.
Full text
______________________________________________________________________________________ Page 2 of 12 (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA’) and section 2(i) of SCRA read with section 13 of SCRA any such contracts wherein consideration for shares transferred is deferred beyond a day of the contract are not spot contracts and also the contracts that stipulate that the shares will be unconditionally returned to the seller in case of default in payment too are illegal and violative of Notification issued by SEBI. It is therefore alleged that Noticees have violated Section 2(i) read with Section 13 of SCRA and Notification No. SO 184(E) dated March 1, 2000 issued by SEBI under Section 16 of SCRA.
______________________________________________________________________________________ Page 3 of 12 2017, respectively requested for another opportunity of personal hearing in the matter. Since the reply is already available on record, I proceed further in the matter.
______________________________________________________________________________________ Page 4 of 12 area, and thereupon every contract in such State or States or area which is entered into after the date of the notification otherwise than between the members of a recognised stock exchange or recognised stock exchanges in such State or States or area or through or with such member shall be illegal: Provided that any contract entered into between members of two or more recognised stock exchanges in such State or States or area, shall— (i) be subject to such terms and conditions as may be stipulated by the respective stock exchanges with prior approval of Securities and Exchange Board of India; (ii) require prior permission from the respective stock exchanges if so stipulated by the stock exchanges with prior approval of Securities and Exchange Board of India.
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Source: SecMarx — sebi:EAD-2/DSR/VS/846-853/2017. 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.