sebi:EAD-8/JS/SP/70/2018

SEBI · SEBI · 2017-12-19 · Jeevan Sonparote, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Violation established; monetary penalty imposed

Provisions invoked

• s. 15A
• s. 15
• s. 15J

Regulations

• Reg. 13
• Reg. 13(4)
• Reg. 13(5)
• Reg. 1

Parties

• Dinesh Agrawal

Holding

Dinesh Agrawal, Whole Time Director of KDDL, violated Regulation 13(4) read with Regulation 13(5) of PIT Regulations by failing to disclose within time the sale of 2,000 shares, and a monetary penalty of Rs. 3,00,000 under Section 15A(b) of SEBI Act, 1992 was imposed.

Full text

Adjudication Order in the matter of KDDL – Noticee Shri Dinesh Agrawal Page 2 of 7 against it under Rule 4 of the Adjudication Rules and penalty be not imposed for the alleged violation.

Adjudication Order in the matter of KDDL – Noticee Shri Dinesh Agrawal Page 3 of 7 b. I humbly submit that no disproportionate gain or unfair advantage has accrued to me and that no loss has been caused to any investor on account of the late filing for alleged violation of PIT regulations. c. Further there is no other action taken against me in my dealing in shares of KDDL Ltd.

Adjudication Order in the matter of KDDL – Noticee Shri Dinesh Agrawal Page 4 of 7 12. Dinesh, being Director sold 2,000 shares for a value of Rs. 5,19,800, which exceeded the benchmark limit as prescribed under Regulation 13(4) of PIT Regulations in terms of value of shares. Thus, Dinesh in terms of law was required to disclose change in his shareholding to KDDL and to the stock exchanges within two days from the date of sale of shares under Regulation 13(4) read with Regulation 13(5) of PIT Regulations, which he has not complied with.

Source: SecMarx — sebi:EAD-8/JS/SP/70/2018. 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.