sebi:EAD-7/BD/NR/2020-21/7794-95
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Facts / Headnote
Violations established against both Noticees; penalties imposed under Sections 15G(i), 15G(ii), 15HB and 15A(b) of the SEBI Act (specific amounts not stated in the extracted text)
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 7
- Reg. 3
- Reg. 4
- Reg. 2
- Reg. 4(1)
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 201
- Reg. 9
- Reg. 2(1)(g)
- Reg. 9(1)
- Reg. 2(1)
- Reg. 2(1)(n)
- Reg. 2(3)
Parties
- Shreejesh Harindranath
- Sandeep A C
Holding
Both Noticees were found to have violated the SEBI (PIT) Regulations, 2015 and the SEBI Act, 1992: Noticee 1 (Shreejesh) traded while in possession of UPSI, communicated UPSI to his brother, failed to disclose trades, entered contra trades, and traded without pre-clearance; Noticee 2 (Sandeep) procured UPSI from his brother and traded on its basis. Penalties were imposed under Sections 15G(i), 15G(ii), 15HB and 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of SpiceJet Ltd., Page 2 of 32 was 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 32 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 Therefore, the period from January 6 to 22, 2016 is considered as the period of UPSI (unpublished price sensitive information).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 32 9. It is observed that the Noticee 1 being an “insider” as stated under Regulation 2 (1) (g) of the SEBI (PIT) Regulations, 2015, bought 3,100 shares during January 6, 2016 and January 14, 2016 i.e., the period during which he was in possession of UPSI. Therefore, it is alleged that the Noticee 1 by trading in the scrip of SpiceJet while in possession of UPSI, had violated the provisions of Regulation 4 (1) of SEBI (PIT) Regulations, 2015 and Section 12 A (d) and 12 A (e) of SEBI Act, 1992.
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Source: SecMarx — sebi:EAD-7/BD/NR/2020-21/7794-95. 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.