sebi:Order/AA/AR/2020-21/8030
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Facts / Headnote
Penalty of Rs 1,00,000 imposed under Section 15A(b) of the SEBI Act for violation of Regulation 29(2) r/w 29(3) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 29(2)
- Reg. 29(3)
Parties
- Boorugu Srikanth
Holding
The Noticee, Boorugu Srikanth, violated Regulation 29(2) r/w 29(3) of the SAST Regulations by delayed disclosure of two sale transactions in Abhishek Infraventures Limited, and a monetary penalty of Rs 1,00,000 under Section 15A(b) of the SEBI Act was imposed.
Full text
Adjudication order in respect of Boorugu Srikanth the matter of Abhishek Infraventures Limited Page 2 of 9 undersigned was appointed as the Adjudicating Officer (hereinafter referred to as ‘AO’) under Section 19 r/w Section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to adjudicate the aforesaid violations vide communique dated February 14, 2020. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication order in respect of Boorugu Srikanth the matter of Abhishek Infraventures Limited Page 3 of 9 Date of sale No.of shares sold/ transferred % No. of shareholding post transaction Due date of disclosure under SAST Regulations Date of disclosure (Covering letter) Delay in making disclosures) 28.11.2016 25,000 6.84 30.11.2016 03.02.2017 65 days 13.12.2016 27,500 4.45 15.12.2016 03.02.2017 50 days
Adjudication order in respect of Boorugu Srikanth the matter of Abhishek Infraventures Limited Page 4 of 9 June 26, 2020 which was communicated vide e-mail dated June 19, 2020. The noticee and his authorized representative availed the opportunity of personal hearing on June 26, 2020 and reiterated the contents of his earlier reply and requested for a lenient view in the matter.
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Source: SecMarx — sebi:Order/AA/AR/2020-21/8030. 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.