sebi:EAD-9/VKV/NK/2020-21/9991
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Facts / Headnote
Violation established; penalty of Rs. 3,00,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 7
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 7(2)(b)
- Reg. 9
- Reg. 9(1)
Parties
- Mr. Kundan K Lal
Holding
The Noticee, as Compliance Officer of Sonata Software Limited, violated Regulation 9(1) read with 9(3) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 by failing to monitor and report the September 04, 2018 trade by employee Mr. Mohammed Naveen Ajmal, and is liable to a monetary penalty of Rs. 3,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication order in the matter of Sonata Software Limited Page 2 of 17 APPOINTMENT OF ADJUDICATING OFFICER 4. SEBI, vide order dated September 18, 2020 appointed the undersigned as Adjudicating Officer under Section 15 I of the SEBI Act, read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of SEBI Act, the alleged violation of the provisions of law by the Noticee.
Adjudication order in the matter of Sonata Software Limited Page 3 of 17 Bombay Stock Exchange (collectively referred herein as “Stock Exchanges”) on 24th October, 2018.
Adjudication order in the matter of Sonata Software Limited Page 4 of 17 vii. Thus, Noticee has failed to monitor and report details of transactions executed by Mr. Mohammad Naveen Ajmal on September 04, 2018 within time,
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Source: SecMarx — sebi:EAD-9/VKV/NK/2020-21/9991. 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.