sebi:EAD-2/DSR/VVK/13/2013
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Facts / Headnote
Violation established; penalty of Rs. 50,000 imposed under Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29
Parties
- Ravi Chakravarthy
Holding
The noticee Ravi Chakravarthy violated Regulation 29(2) read with Regulation 29(3) of the SAST Regulations, 2011 and Regulation 13(3) read with Regulation 13(5) of the PIT Regulations, 1992 by failing to disclose the change in his holding for the September, 2012 quarter, and a penalty of Rs. 50,000 under Section 15A(b) of the SEBI Act, 1992 was imposed.
Full text
Page 2 of 7 APPOINTMENT OF ADJUDICATING OFFICER 2. Vide Order dated 24th September,2013, I was appointed as the Adjudicating Officer under Section 15-I of the Securities and Exchange Board of India Act,1992 ( hereinafter referred to as the "SEBI Act" ) read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the violation of the Securities and Exchange Board of India ( Substantial Acquisition of Shares and Takeovers ) Regulations, 2011 ( hereinafter referred to as the said "SAST Regulations" ) and the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 ( hereinafter referred to as the said " PIT Regulations" ) alleged to have been committed by the notice, under Section 15A(b) of the SEBI Act.
Page 3 of 7 terms of Regulation 29 of the SAST Regulations and Regulation 13 of the PIT Regulations; * I was not aware of the provisions under which the disclosures are required to be made to the company and stock exchange. It is an unintentional mistake on my part, we, therefore, request SEBI to kindly pardon me for the lapse and henceforth, I would take utmost care and ensure compliance of securities laws."
Page 4 of 7 For September, 2012 Quarter : Name of the Entities 31st Dec, 2012 30th Sep, 2012 30th Jun, 2012 31st Mar, 2012 No. of shares Share s as a % total no. of share s No. of shares Share s as a% to total no .of share s No. of shares Shares as a % to total no. of shares No. of shares Shares as a % to total no. o shares R Chakravarthy (Public) __ __ __ __ 1000000 6.58 1000000 6.58
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Source: SecMarx — sebi:EAD-2/DSR/VVK/13/2013. 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.