sebi:ORDER/SBM/ASR/2022-23/17535

SEBI · SEBI · 2018-08-30 · Suresh B Menon, 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

Violation of Section 11C(2) held established; monetary penalty imposed under Section 15HB

Provisions invoked

• s. 15
• s. 19
• s. 15H
• s. 12
• s. 15I
• s. 15J
• s. 11C
• s. 11C(2)

Parties

• Mr. Jayant Bhusare

Holding

The Adjudicating Officer held that Mr. Jayant Bhusare violated Section 11C(2) of the SEBI Act by deleting emails from Sampark's server during SEBI's investigation in the NSE Dark Fibre matter and imposed a monetary penalty of Rs. 10,00,000 under Section 15HB of the SEBI Act.

Full text

Adjudication order in respect of Mr Jayant Bhusare in the matter of NSE Dark Fibre Page 2 of 13 ii. Investigation into the role of the stock brokers alleged to have benefited from preferential access to the exchange's system, including quantification of gains of the stock brokers, to the extent possible, from such mechanism during the Investigation Period.

Adjudication order in respect of Mr Jayant Bhusare in the matter of NSE Dark Fibre Page 3 of 13 Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’), to inquire into and adjudge under the provisions of Section 15HB of the SEBI Act, the aforementioned alleged violation of the provisions of law by the Noticee. On transfer of the undersigned to another department, Dr. Anitha Anoop was appointed as the AO in the matter vide communique dated March 25, 2019. Subsequently, vide communique dated November 03, 2020, the undersigned was once again appointed as the AO in the matter.

Adjudication order in respect of Mr Jayant Bhusare in the matter of NSE Dark Fibre Page 4 of 13 d. In view of the above, it is alleged that by destroying information in the manner explained above and in the IR, Noticee 2 / Prashanth, Noticee 3 / Netaji and Noticee 4 / Jayant have, prima facie, violated provisions of section 11C(2) of the SEBI Act.

Source: SecMarx — sebi:ORDER/SBM/ASR/2022-23/17535. 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.