sebi:Order/AP/VS/2020-21/7562
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Facts / Headnote
Penalty imposed on the Noticee for violations of PIT Regulations and SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 11C(3)
- s. 15F
- s. 28A
Regulations
- Reg. 7(2)(a)
Parties
- Ms. Mrudula Bhikhubhai Patel
Holding
The Noticee was found to have violated Regulation 7(2)(a) of the PIT Regulations by failing to disclose off-market transactions exceeding ₹10 lakhs, and Section 11C(3) of the SEBI Act by failing to comply with SEBI summons, and was imposed a total monetary penalty of ₹8,00,000.
Full text
_______________________________________________________________________________ Adjudication Order in respect of Ms. Mrudula Bhikhubhai Patel in the matter of Oasis Tradelink Limited Page 2 of 7
_______________________________________________________________________________ Adjudication Order in respect of Ms. Mrudula Bhikhubhai Patel in the matter of Oasis Tradelink Limited Page 3 of 7 issued by IA and repeatedly failed to provide the documents/ information requisitioned by the IA. Thus, it was alleged that the Noticee, has failed to furnish the information required under the SEBI Act and thereby hampered the process of investigation and leading to violation of section 11C(3) of the SEBI Act which read as follows: Investigation 11C(3) The Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation.
_______________________________________________________________________________ Adjudication Order in respect of Ms. Mrudula Bhikhubhai Patel in the matter of Oasis Tradelink Limited Page 4 of 7 notice was duly served upon the Noticee, however, no reply / communication has been received from him despite service of notices upon it. Vide the said SCN/notice of hearing, it was clearly indicated that in case of failure to submit reply or to appear for the hearing, the case would be proceeded with ex-parte on the basis of the material available on record. It is noted that the Noticee had neither filed any reply nor have availed the opportunity of personal hearing despite service of notices upon him. In the facts and circumstances of this case, I am of the view that the Noticee has nothing to submit and in terms of rule 4(7) of the Adjudication Rules the matter can be proceeded ex-parte on the basis of material available on record.
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Source: SecMarx — sebi:Order/AP/VS/2020-21/7562. 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.