sebi:Order/AK/BS/2023-24/29046
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs. 25,00,000 imposed on the Noticee for violations of SEBI Act, IA Regulations and PFUTP Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
- s. 28A
- s. 15C
- s. 23
- s. 15E
Regulations
- Reg. 3
- Reg. 7(1)
- Reg. 4
- Reg. 13
- Reg. 11
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 9
- Reg. 17
- Reg. 15
- Reg. 22
- Reg. 21
- Reg. 15(1)
- Reg. 7(2)
- Reg. 2(1)
- Reg. 3(2)
- Reg. 15(9)
- Reg. 17(a)
- Reg. 13(a)
- Reg. 13(b)
Parties
- Trade India Research (Proprietor- Neha Gupta)
Holding
The Noticee violated Regulations 7(1), 7(2), 13(a), 13(b), 15(1), 15(9), 16(a), 16(b)(ii), 17 and 3(2) of IA Regulations, Regulation 4(1), 4(2)(k) of PFUTP Regulations read with Section 12A of SEBI Act and applicable circulars, and is liable for monetary penalty under Sections 15A(a), 15C, 15EB, 15HA and 15HB of the SEBI Act. A total penalty of Rs. 25,00,000 was imposed.
Full text
Adjudication order in the matter of Trade India Research (Proprietor- Neha Gupta) Page 2 of 49 2. Upon being satisfied that there are sufficient grounds to inquire into and adjudicate the alleged violations of provisions of the SEBI Act, IA Regulations and PFUTP Regulations by the Noticee, SEBI, in exercise of powers u/s 19 r/w sub-section (1) of section 15-I of the SEBI Act and rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”) appointed me as Adjudicating Officer (AO), vide order dated June 14, 2023, to inquire into and adjudge u/s 15EB of SEBI Act, (for violations after March 08, 2019), u/s 15 HB of SEBI Act, (for violations prior to March 08, 2019), Section 15A(a), Section 15C and 15HA of SEBI Act, as applicable, the alleged violations by the Noticee.
Adjudication order in the matter of Trade India Research (Proprietor- Neha Gupta) Page 3 of 49 4. It was alleged in the SCN that the Noticee has violated the following provisions; 4.1 Regulation 15(1) of the IA Regulations. 4.2 Clauses 1, 2, 3, 6 and 8 of Code of Conduct specified at Schedule III read with regulation 15(9) of IA Regulations. 4.3 Regulation 16(a), 16(b) (ii), 17 and Regulation 7(1) and 7(2) of IA Regulations. 4.4 Regulation 4(1), 4(2) (k) of PFUTP Regulations read with Section 12A (a), (b) and (c) of SEBI Act. 4.5 Regulation 13(a) read with Regulation 13(b) of IA Regulations. 4.6 Regulation 3(2) read with clause 1(g) & clause 7 of Form A specified at First Schedule under regulation 3 of IA Regulations. 4.7 SEBI Circular CIR/OIAE/2014 dated December 18, 2014 r/w Regulation 15(12) of IA Regulations. 4.8 SEBI Circular CIR/OIAE/2014 dated December 18, 2014 r/w Regulation 21 of IA Regulations.
Adjudication order in the matter of Trade India Research (Proprietor- Neha Gupta) Page 4 of 49 ISSUE No. III: If so, what should be the monetary penalty that should be imposed upon the Noticee, after taking into consideration the factors stipulated in Section 15J of the SEBI Act r/w Rule 5(2) of the Adjudication Rules?
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/AK/BS/2023-24/29046. 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.