sebi:Order/AK/BS/2022-23/21736-21743
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Facts / Headnote
Penalties imposed on all 8 Noticees for violations of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11B
- s. 11
- s. 15J
- s. 12
- s. 28A
Regulations
- Reg. 7(2)(a)
- Reg. 201
- Reg. 30
- Reg. 2(1)(d)
- Reg. 2(1)(g)
- Reg. 9(1)
- Reg. 2(1)(n)
Parties
- Goutam Patidar (Noticee No. 1)
- Sanjay Patidar (Noticee No. 2)
- Mukesh Patidar (Noticee No. 3)
- Ravi Kelotra (Noticee No. 4)
- Sunil Kr Tewari (Noticee No. 5)
- Kulbhushan Singh Rajput (Noticee No. 6)
- Piyush Patidar (Noticee No. 7)
- Shakti Pumps (India) Ltd. (Noticee No. 8)
Holding
The Adjudicating Officer held that Noticees 1-3 (designated employees) violated Clause 6 & 10 of Schedule B r/w Regulation 9(1) of PIT Regulations by trading without pre-clearance and entering contra trades within six months; Noticees 1, 3, 4, 5, 6, 7 violated Regulation 7(2)(a) of PIT Regulations for failing to disclose transactions within two trading days; and Noticee 8 (SPIL) violated Clause 10 of Schedule B r/w Regulation 9(1) for failing to disgorge unlawful gains made by its designated employees.
Full text
Adjudication Order Against 8 Entities in the matter of Shakti Pumps (India) Limited Page 2 of 31 the scrip of Shakti Pumps (India) Limited (hereinafter referred to as “the Company” or “SPIL”) during the period March 27, 2018 to October 17, 2018 (hereinafter referred as “Investigation Period or IP”).
Adjudication Order Against 8 Entities in the matter of Shakti Pumps (India) Limited Page 3 of 31 4. A common Show Cause Notice (hereinafter referred to as the “SCN”) ref. no. EAD-6/AK/BS/48055*/1/2022 (* and others) dated September 12, 2022 was issued to the Noticees in terms of the provisions of rule 4(1) of the SEBI Adjudication Rules r/w Section 15-I of SEBI Act, requiring the Noticees to show cause as to why an inquiry should not be held against them in terms of Rule 4 of the Adjudication Rules r/w Section 15 I of the SEBI Act and why penalty should not be imposed in terms of Sections 15A(b) and/ or 15 HB of the SEBI Act, as applicable.
Adjudication Order Against 8 Entities in the matter of Shakti Pumps (India) Limited Page 4 of 31 6.1 Goutam Patidar, Sanjay Patidar and Mukesh Patidar pleaded that the transaction happened inadvertently and requested to drop the proceedings.
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Source: SecMarx — sebi:Order/AK/BS/2022-23/21736-21743. 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.