sebi:Order/AP/VS/2020-21/8749
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act, payable within 45 days
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
- s. 15F
- s. 28A
- s. 393
Regulations
- Reg. 13
- Reg. 199
- Reg. 7(1)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12
- Reg. 7(2)
Parties
- Mr. Rakeshchand M Jain
Holding
The Noticee failed to make disclosures under Regulations 13(4) and 13(4A) read with Regulation 13(5) of the PIT Regulations, 1992 for increase of shareholding on March 22, 2013, and a monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act was imposed upon him.
Full text
__________________________________________________________________________ Adjudication Order in respect of Mr. Rakeshchand M Jain in the matter of SRK Industries Limited Page 2 of 9 disclosures were made by Noticee on June 15, 2019 and after observing the discrepancy during verification of records and to rectify the same disclosures were made on July 17, 2019.
__________________________________________________________________________ Adjudication Order in respect of Mr. Rakeshchand M Jain in the matter of SRK Industries Limited Page 3 of 9 (2) Notwithstanding such repeal,— (a) the previous operation of the repealed regulations or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the repealed regulations, any penalty, forfeiture or punishment incurred in respect of any offence committed against the repealed regulations, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, shall remain unaffected as if the repealed regulations had never been repealed; and (b) anything done or any action taken or purported to have been done or taken including any adjudication, enquiry or investigation commenced or show-cause notice issued under the repealed regulations prior to such repeal, shall be deemed to have been done or taken under the corresponding provisions of these regulations; (3) After the repeal of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, any reference thereto in any other regulations made, guidelines or circulars issued thereunder by the Board shall be deemed to be a reference to the corresponding provisions of these regulations.
__________________________________________________________________________ Adjudication Order in respect of Mr. Rakeshchand M Jain in the matter of SRK Industries Limited Page 4 of 9 arrangement approved by Hon’ble High Court of Judicature at Bombay and Hon’ble High Court of Judicature at Chennai effective from March 12, 2013.
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Source: SecMarx — sebi:Order/AP/VS/2020-21/8749. 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.