sebi:ORDER/PM/RR/2020-21/7577
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Facts / Headnote
Penalty of Rs 5,00,000 imposed for PIT violations; allegation of PFUTP/manipulation not established
Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 12(1)
- Reg. 199
- Reg. 3(a)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12
- Reg. 201
- Reg. 13(2)
- Reg. 54
Parties
- Satish Korogappa Shetty
Holding
The Noticee violated Regulation 12(1) and Regulation 13(2) and 13(4) read with 13(5) of PIT Regulations, 1992 and is liable to penalty under Sections 15HB and 15A(b); violation of Section 12A of SEBI Act and Regulations 3 and 4 of PFUTP Regulations was not established, so no penalty under Section 15HA.
Full text
Adjudication Order against Satish Korogappa Shetty in the matter of Alexander Stamps and Coin Limited Page 2 | 22 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order against Satish Korogappa Shetty in the matter of Alexander Stamps and Coin Limited Page 3 | 22 c) Adoption of Code of internal procedures and conduct for listed companies and other entities was made mandatory by SEBI under SEBI (PIT) Regulations, 1992 with effect from February 20, 2002. It was observed that the Company had failed to implement the Code of Conduct as required under aforesaid Regulations. As per provisions of Schedule I (Part A) of SEBI (PIT) Regulations, 1992, the Compliance officer shall be responsible for the implementation of Code of conduct under the overall supervision of the Board of the listed company. The Noticee, being a director of the Company, had failed to ensure the implementation of the Code of Conduct as required under SEBI (PIT) Regulations, 1992. On account of aforesaid failure, the Noticee was alleged to have violated Regulation 12(1) read with Clause 1.2 of Schedule 1, Part A of SEBI (PIT) Regulations, 1992 read with Regulation 12 of SEBI (PIT) Regulations, 2015.
Adjudication Order against Satish Korogappa Shetty in the matter of Alexander Stamps and Coin Limited Page 4 | 22 Vide email dated October 3, 2015, the Company submitted that it had received disclosures with regard to the aforesaid transactions by the Noticee. From the submissions of the company, it is observed that the Noticee had submitted the required disclosure with a substantial delay on October 01, 2015 with regard to five transactions made during March 20, 2015 to March 30, 2015, thereby violating the provisions of regulation 13(4) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992.
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Source: SecMarx — sebi:ORDER/PM/RR/2020-21/7577. 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.