sebi:JJ/AM/AO-35/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of ₹4,00,000 imposed on the Noticee for violation of Regulation 13(3) read with Regulation 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992.
Provisions invoked
- s. 15A
- s. 15J
- s. 15
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 13(5)
Parties
- Urvashi Ashok Kadakia
Holding
The Noticee violated Regulation 13(3) read with Regulation 13(5) of the PIT Regulations by failing to disclose her reduction in shareholding from 5.03% to 0.45%, and is liable for a monetary penalty under Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Urvashi Ashok Kadakia in the matter of Ashok Alco-Chem Ltd. Page 2 of 9 March 12, 2014 on June 03, 2005 in off-market; thereby bringing down her holding to 0.45%. However, it was alleged that that the Noticee failed to make disclosures as required under Regulation 13(3) read with Regulation 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as “PIT Regulations”).
Adjudication Order in respect of Urvashi Ashok Kadakia in the matter of Ashok Alco-Chem Ltd. Page 3 of 9 March 12, 2014 4. The aforesaid SCN was duly delivered to the Noticee on February 01, 2014. Subsequently, vide letter dated February 06, 2014 the Noticee acknowledged the receipt of the SCN and requested for additional 15 days’ time to submit reply. Thereafter, vide Notice of Inquiry dated February 21, 2014; the Noticee was given an opportunity of personal hearing on March 05, 2014 and the Noticee was advised to submit her reply, if any, on or before March 05, 2014.
Adjudication Order in respect of Urvashi Ashok Kadakia in the matter of Ashok Alco-Chem Ltd. Page 4 of 9 March 12, 2014 Since the transaction took place many years ago, I do not recollect whether any disclosures were made by me to the stock exchange under SEBI (Prevention of Insider Trading) Regulations, and I do not have any copies of the same. In case there has been no filing it has been only due to sheer ignorance of the requirement and there was no malafide intention. Further, I would also like to submit that there was no change in control of the company and the control remained within our own family after these sales. On the basis of the above submissions, I request you to kindly excuse the non filing if any, and drop any further proceedings against me.”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:JJ/AM/AO-35/2014. 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.