sebi:EAD-7/BD/NR/2019-20/6665
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Facts / Headnote
Adjudication proceedings disposed of without any penalty
Provisions invoked
- s. 15
- s. 19
- s. 12
- s. 15I
- s. 15G
- s. 15J
- s. 149(12)
Regulations
- Reg. 4
- Reg. 2
- Reg. 201
- Reg. 2(1)(g)
- Reg. 2(1)(n)
Parties
- K R Sasiprabhu
Holding
The charge that K R Sasiprabhu traded in SpiceJet shares while in possession of UPSI was not established, and the adjudication proceedings initiated vide SCN dated September 30, 2019 stand disposed of without any penalty.
Full text
Adjudication Order in the matter of SpiceJet Ltd., Page 2 of 19 around 902.90% as compared to the net profit for the previous quarter ended September 2015.
Adjudication Order in the matter of SpiceJet Ltd., Page 3 of 19 Company informed BSE Limited (hereinafter referred to as “BSE”) of the PSI i.e., financial results on January 22, 2016 at 03:27 PM. Therefore, the period from January 6 to 22, 2016 is considered as the period of UPSI (unpublished price sensitive information).
Adjudication Order in the matter of SpiceJet Ltd., Page 4 of 19 9. It is observed that the Noticee being an “insider” as stated under Regulation 2 (1) (g) of the SEBI (PIT) Regulations, 2015, traded in the scrip of SpiceJet by purchasing 2,000 shares on January 7, 2016. The Noticee being an Independent Director in the Company was an insider and was privy to the UPSI on January 7, 2016 i.e., the day when he purchased 2,000 shares.
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Source: SecMarx — sebi:EAD-7/BD/NR/2019-20/6665. 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.