sebi:EAD-2/DSR/VVK/405/2015
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Facts / Headnote
Penalty of ₹3,00,000 imposed on Madhusudan Securities Limited for violation of Regulation 8(3) of SAST Regulations, 1997; allegations under Section 21 of SCR Act read with Rule 19A and Clause 35 & 40A of LA, Regulation 23(6) of SAST Regulations, 1997, and Regulation 73(1)(c) of ICDR Regulations, 2009 not established.
Provisions invoked
- s. 15A
- s. 15
- s. 173
- s. 23A
- s. 23
- s. 21
- s. 23H
Regulations
- Reg. 6
- Reg. 199
- Reg. 10
- Reg. 8
- Reg. 8(3)
- Reg. 3(1)
- Reg. 3(2)
- Reg. 3(1)(e)
- Reg. 3(1)(e)(i)
- Reg. 73(1)(c)
- Reg. 23(6)
- Reg. 391
Parties
- Madhusudan Securities Limited
Holding
The noticee violated Regulation 8(3) of the SAST Regulations, 1997 by making delayed disclosures for years 1998 to 2005, 2008 and 2010, and a penalty of ₹3,00,000 was imposed. The allegations of violation of Section 21 of the SCR Act read with Rule 19A and Clause 35 & 40A of the LA, Regulation 23(6) of the SAST Regulations, 1997, and Regulation 73(1)(c) of the ICDR Regulations, 2009 were not established.
Full text
Page 2 of 23 d) provisions of regulation 73(1)(c) of the SEBI ( Issue of Capital and Disclosure Requirements ) Regulations, 2009 ( hereinafter referred to as "ICDR Regulations, 2009 " ). 2. (a) Alleged violation of regulation 8(3) of the SAST Regulations,1997 :
Page 3 of 23 allotment. Thus, it was alleged that the noticee has violated Clause 35 of the LA which requires the noticee to provide the correct shareholding details on a quarterly basis.
Page 4 of 23 (d) Alleged violation of regulation 73(1)(c) of the SAST Regulations,1997 : It was observed that the noticee has not complied with Regulation 73(1)(c) of the ICDR Regulations, 2009 in respect of preferential allotment dated May 18, 2011 in the scrip of MSL.
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Source: SecMarx — sebi:EAD-2/DSR/VVK/405/2015. 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.