sebi:EAD-9/SM/120/2018
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 199
- Reg. 13(1)
- Reg. 15
- Reg. 7(1)
- Reg. 12
- Reg. 201
- Reg. 35
Parties
- Mahesh Somabhai Desai
Holding
Mahesh Somabhai Desai was held guilty of violating Regulations 7(1) read with 7(2) of SAST Regulations, 1997 and Regulations 13(1) and 13(3) read with 13(5) of PIT Regulations, 1992. A monetary penalty of Rs.1,00,000 under Section 15A(b) of the SEBI Act was imposed on him.
Full text
In the matter of Parichay Investments Ltd against Mahesh Somabhai Desai Page 2 of 7 4 In this order wherever PIT Regulations, 1992 is mentioned it should be referred to as PIT Regulations, 1992 read with Regulation 12 of SEBI (Prohibition of Insider Trading) Regulations, 2015.
In the matter of Parichay Investments Ltd against Mahesh Somabhai Desai Page 3 of 7 10 The submission made by AR vide letter dated November 6, 2017, inter-alia states that he require more time to arrange contract notes and submit the built-up of shareholding to answer the charge of violation of Trigger defaults as alleged in the SCN. 11 However, till the date of passing this Order Mahesh/AR had not made any additional
In the matter of Parichay Investments Ltd against Mahesh Somabhai Desai Page 4 of 7 regulations, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability,
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Source: SecMarx — sebi:EAD-9/SM/120/2018. 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.