sebi:MC/CB/13/2018-19

SEBI · SEBI · 2018-05-23 · Maninder Cheema, Adjudicating Officer

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 Rs. 2,00,000 imposed on Aisa International Private Limited

Provisions invoked

• s. 15A
• s. 15I
• s. 15J
• s. 14

Regulations

• Reg. 7(1)
• Reg. 7
• Reg. 7(2)(b)
• Reg. 13(6)

Parties

• Aisa International Private Limited

Holding

The Noticee violated Regulation 7(2)(b) of the PIT Regulations by failing to disclose to BSE and belatedly disclosing to NSE, and is liable to a monetary penalty of Rs. 2,00,000 under Section 15A(b) of the SEBI Act.

Full text

Adjudication Order in the matter of Amtek Auto Limited Page 2 of 9 provisions of PIT Regulations. Subsequently, the undersigned was appointed as the Adjudicating Officer on April 26, 2018 which was communicated vide order dated May 23, 2018.

Adjudication Order in the matter of Amtek Auto Limited Page 3 of 9 7(2)(b) of the PIT Regulations to the BSE and made a belated disclosure under Regulation 7(2)(b) of the PIT Regulations to the NSE on October 21, 2015. f) The BSE, vide e-mail dated August 04, 2016 confirmed that no disclosure under PIT Regulations was received from the Noticee with respect to the aforesaid increase in its shareholding in the Company during the Examination Period. g) Similarly, the NSE, vide e-mail dated August 17, 2016 confirmed that relevant disclosures under PIT Regulations were received from the Noticee only on October 21, 2015 after it notified the Company. h) It was alleged that the aforesaid non-disclosure by the Noticee was in violation of Regulation 7(2)(b) of the PIT Regulations, text of which is mentioned as below: PIT Regulations: Continual Disclosures 7. (2) (a).Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees or such other value as may be specified;

Adjudication Order in the matter of Amtek Auto Limited Page 4 of 9 5. It was stated in the SCN that the aforesaid alleged violation, if established, would make the Noticee liable for monetary penalty under Section 15A (b) of the SEBI Act. The Noticee was also advised to furnish its reply, if any, in response to the SCN within 14 days from the date of receipt of the SCN.

Source: SecMarx — sebi:MC/CB/13/2018-19. 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.