sebi:ISD/AG/AO/DRK-DS/EAD3-358/24-2013
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Facts / Headnote
Penalty imposed on the noticee for delayed disclosure of change in shareholding
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(4)
- Reg. 13(5)
Parties
- Ms. Anubha Gupta
Holding
The noticee, a Whole-Time Director of Palsoft, violated Regulation 13(4) read with Regulation 13(5) of the PIT Regulations by delaying disclosure of acquisition of 81,350 shares by 100 days, and a penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 Regulations, 1992 (hereinafter referred to as the ‘PIT Regulations’) in respect of the dealings of Ms. Anubha Gupta (hereinafter referred to as the noticee/she/her) in the scrip of Palsoft.
Page 3 of 8 7. The noticee, vide her reply dated January 22, 2013, made the following submissions: a) I have been appointed as Director in the company w.e.f. January 01, 2010. b) There was a family settlement and under the settlement 81,350 equity shares of the company have been transferred in my name on January 07, 2010. c) I have not purchased the shares from the stock market and the purchase is only an off market purchase. d) I have not earned any profit as there is no sale of above shares till date. e) Further, shares of the company were suspended for trading from Stock Exchange during this process. f) There was no loss to investor as there was no change in overall promoters holding. The change in shareholding was only the change of hands on account of family settlement. g) …due to unawareness about the provisions of SEBI guidelines at that time, I could not file the declaration/disclosures in time.
Page 4 of 8 relevant law, the noticee could not make the said disclosure within two working days of the acquisition of shares. b. The ARs also submitted that the trading in the scrip of the company was suspended at BSE since 2004 and in November 2011 the suspension was revoked. c. The ARs had also undertaken to submit the clarification whether the said transaction was off market purchase for a consideration or transfer.
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Source: SecMarx — sebi:ISD/AG/AO/DRK-DS/EAD3-358/24-2013. 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.