sebi:ORDER/PM/RR/2020-21/7741
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Facts / Headnote
Penalty of Rs 3,00,000 imposed on the Noticee for violations of PIT Regulations; PFUTP allegations not established
Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 13(2)
- Reg. 13(4)
- Reg. 12(1)
- Reg. 199
- Reg. 3(a)
- Reg. 13(5)
- Reg. 12
- Reg. 201
- Reg. 54
Parties
- Semwal Govindram Dhanesh
Holding
The Noticee was held liable for violating Regulation 12(1) read with Clause 1.2 of Schedule 1, Part A of PIT Regulations, 1992 read with Regulation 12 of PIT Regulations, 2015 (failure to frame and implement Code of Conduct) and Regulation 13(2) and Regulation 13(4) read with Regulation 13(5) of PIT Regulations, 1992 read with Regulation 12 of PIT Regulations, 2015 (failure to make timely disclosures), attracting a penalty of Rs 3,00,000 under Sections 15HB and 15A(b) of the SEBI Act. The allegations of violation of Section 12A(a), (b) and (c) of SEBI Act and Regulations 3(a), (b), (c) & (d), 4(1), 4(2)(e) of SEBI PFUTP Regulations, 2003 were not established.
Full text
Adjudication Order against Semwal Govindram Dhanesh in the matter of Alexander Stamps and Coin Limited Page 2 | 21 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order against Semwal Govindram Dhanesh in the matter of Alexander Stamps and Coin Limited Page 3 | 21 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 Semwal Govindram Dhanesh in the matter of Alexander Stamps and Coin Limited Page 4 | 21 October 01, 2015 with regard to transactions made on March 19 to March 20, 2015, thereby violating the provisions of regulation 13(4) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992. Further, no disclosure was made by the Noticee on becoming director of the Company on October 8, 2014, thereby violating the provisions of Regulation 13(2) of SEBI (PIT) Regulations, 1992.
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Source: SecMarx — sebi:ORDER/PM/RR/2020-21/7741. 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.