sebi:EAD-2/DSR/VS/888-890/2017
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Facts / Headnote
Penalty imposed: Rs. 1,00,000 payable jointly and severally by the three noticees for violation of Regulations 13(3), 13(4A) read with 13(5) of PIT Regulations, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15F
Regulations
- Reg. 13
- Reg. 13(3)
Parties
- Virat Shah
- Alok Shah
- Rajan Shah
Holding
The Noticees (Virat Shah, Alok Shah, Rajan Shah) violated Regulations 13(3), 13(4A) read with 13(5) of the PIT Regulations, 1992 as regards the transaction pertaining to March 31, 2014, and are liable for penalty under Section 15A(b) of the SEBI Act, 1992. A monetary penalty of Rs. 1,00,000 was imposed jointly and severally on the three Noticees.
Full text
Page 2 of 8 Sr. No. Name of the Promoter Holding as on September 30, 2013 Holding as on December 31, 2013 Holding as on March 31, 2014 No. of shares % No. of shares % No. of shares % 1 Virat Shah 314600 6.28 584500 11.67 773200 15.43 2 Alok Shah 351000 7.00 566000 11.29 711100 14.19 3 Rajan Shah 377300 7.53 730900 14.59 880900 17.58
Page 3 of 8 Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act, 1992’) read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under section 15A(b) of the SEBI Act, 1992, the alleged violations committed by the Noticees.
Page 4 of 8 8. In the interest of natural justice and in order to conduct an inquiry as per Rule 4 (3) of the Adjudication Rules, an opportunity of personal hearing was granted to the noticees on December 15, 2017. The Authorised Representative(hereinafter referred to as ‘AR’) appeared and reiterated the submissions made by the noticees vide letter dated December 05, 2017.
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Source: SecMarx — sebi:EAD-2/DSR/VS/888-890/2017. 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.