sebi:ISD/PGCIL/AO/SBM-ASR/EAD-3/CO-04/2015
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Facts / Headnote
Disposed by settlement
Provisions invoked
- s. 13
Regulations
- Reg. 13
- Reg. 12(1)
- Reg. 3
- Reg. 17
- Reg. 15
- Reg. 12
- Reg. 201
Parties
- Shri Anil K. Agarwal
Holding
In terms of Regulation 15(1) of the Settlement Regulations, 2014, the adjudication proceedings initiated against Shri Anil K. Agarwal vide SCN ref. EAD-3/DRK/JP/26694/2013 dated 21st October 2013 are disposed of on payment of Rs. 23,29,625 towards settlement terms.
Full text
Page 2 of 4 2007 to 2010 and the transacted value of these shares was either more than Rs. 5,00,000 or the quantity of shares traded was more than 25,000 shares. It was alleged that the applicant had failed to make the relevant disclosure regarding change in shareholding to the Company and to the concerned Stock Exchange, which was required to be made under the provisions of Regulation 13 (4) read with Regulation 13 (5) of the PIT Regulations. Further, it was also alleged in the SCN that the applicant failed to obtain the pre-clearance of his trades from the Company before dealing in the aforesaid shares as per the pre-dealing procedure followed by the Company, which is prescribed under Clause 3.3.1 of the Model Code of Conduct for Prevention of Insider Trading for Listed Companies contained in Schedule I read with Regulation 12(1) of the PIT Regulations. Hence, in view of the above, it was alleged in the SCN that the applicant has violated the provisions of Regulation 13 (4) read with Regulation 13 (5) of the PIT Regulations and also Clause 3.3.1 of the Model Code of Conduct for Prevention of Insider Trading for Listed Companies contained in Schedule 1 of Regulation 12 (1) of the PIT Regulations. The applicant vide letter dated November 7, 2013 also submitted his reply to the SCN.
Page 3 of 4 as ‘IC') on June 02, 2014. During the aforesaid meeting, the settlement terms of Rs. 28,49,625/- (Rupees Twenty Eight Lakh Forty Nine Thousand Six Hundred and Twenty Five Only) calculated as per the Settlement Regulations were communicated to the applicant. The applicant vide email dated June 09, 2014 informed SEBI that he would like to offer monetary and non-monetary terms for settlement of consent application and requested for another opportunity of hearing before IC. Subsequently, the applicant appeared before IC on September 26, 2014 and offered revised settlement terms vide letter dated October 01, 2014.
Page 4 of 4 of the aforesaid adjudication proceedings initiated against Shri Anil K. Agarwal vide SCN ref. EAD-3/DRK/JP/26694/2013 dated 21st October 2013.
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Source: SecMarx — sebi:ISD/PGCIL/AO/SBM-ASR/EAD-3/CO-04/2015. 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.