sebi:Order/AK/VP/2023-24/25885
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Facts / Headnote
Penalty imposed on Noticee for violation of Regulation 29(2) read with Regulation 29(3) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 23
Regulations
- Reg. 7
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
Parties
- Gautam Gems Limited
Holding
The Noticee violated Regulation 29(2) read with Regulation 29(3) of SAST Regulations by failing to disclose the sale of 2,05,000 shares of the target company on 24.02.2021 within two working days to the stock exchange and the target company, and a penalty of Rs.1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Gautam Gems Limited Page 2 of 10 APPOINTMENT OF ADJUDICATING OFFICER 3. Upon being satisfied that there were sufficient grounds to inquire into and adjudicate upon the violations of provisions of SAST Regulations, SEBI initiated adjudication proceedings against the Noticee, in exercise of powers u/s 19 r/w section 15-I of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”) r/w rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”) and appointed me as Adjudicating Officer (AO), vide order dated 13.03.2023, to inquire into and adjudge the alleged violation committed by the Noticee.
Adjudication Order in the matter of Gautam Gems Limited Page 3 of 10 6.1. Whether the Noticee violated Regulation 29(2) read with Regulation 29(3) of SAST for the transaction dated 24.02.2021? 6.2. Do the violations, if any, attract monetary penalty u/s 15A(b) of SEBI Act? 6.3. 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?
Adjudication Order in the matter of Gautam Gems Limited Page 4 of 10 (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition or the disposal of shares or voting rights in the target company to,— (a)every stock exchange where the shares of the target company are listed; and (b)the target company at its registered office.
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Source: SecMarx — sebi:Order/AK/VP/2023-24/25885. 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.