sebi:EAD-2/DSR/VVK/176/2014
Facts / Headnote
Penalty imposed on Noticee for failure to make continual disclosures under PIT Regulations, 1992
Provisions invoked
- s. 15A
- s. 15
Regulations relied on
- SEBI (PIT) Regulations, 1992 — 13(4)
- SEBI (PIT) Regulations, 1992 — 13(5)
Parties
- Dilip Yewale
Holding
The Noticee violated Regulation 13(4) read with Regulation 13(5) of the PIT Regulations, 1992 by failing to make required disclosures within two working days of selling 644 shares, and a penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 7 Regulations,1992 ( hereinafter referred to as the "PIT Regulations,1992" ), if any, in the matter. 3. It was observed that that the Noticee had traded in the shares of the company on 24th October,2014 (i.e. during closure of trading window from October 1, 2013 to November 14,2013) by selling 644 shares of the Company on the NSE platform for a total amount of Rs.5,70,380/-. As a result of this sale transaction, the noticee was required to make disclosures under Regulation 13(4) read with Regulation 13(5) of the PIT Regulations,1992 to the company and the stock exchange viz. NSE within the specified two days which the noticee allegedly failed to comply with. The noticee's sale transaction is given as below:
Page 3 of 7 Notice, Reply & Personal Hearing: 5. Accordingly, the Show Cause Notice dated 28th May, 2014 (hereinafter referred to as the ‘SCN’) was issued to the Noticee in terms of Rule 4 of the Rules requiring it to show cause as to why an inquiry should not be held for the alleged violations. The Noticee vide his reply dated the 6th June,2014 made submissions, which are, inter alia, reproduced as below : --
Page 4 of 7 Consideration of Issues, Evidence and Findings 6. I have carefully perused the charges against the Noticee , reply of the Noticee, and the other material available on record.
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Source: SecMarx — sebi:EAD-2/DSR/VVK/176/2014. 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.