sebi:Order/AP/VS/2020-21/8800
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Facts / Headnote
Violation established; monetary penalty of INR 1,00,000 imposed under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
- s. 15F
- s. 28A
Regulations
- Reg. 13
- Reg. 199
- Reg. 13(5)
- Reg. 12
Parties
- Ms. Geeta Narayanan
Holding
The Noticee, a promoter of SRK Industries Limited, failed to make disclosures required under regulation 13(4A) of PIT Regulations, 1992 for sale of 60,000 shares on October 18, 2012 to SRK and BSE, and a monetary penalty of Rs.1,00,000 under Section 15A(b) of the SEBI Act was imposed.
Full text
__________________________________________________________________________ Adjudication Order in respect of Ms. Geeta Narayanan in the matter of SRK Industries Limited Page 2 of 6
__________________________________________________________________________ Adjudication Order in respect of Ms. Geeta Narayanan in the matter of SRK Industries Limited Page 3 of 6 forfeiture or punishment as aforesaid, shall remain unaffected as if the repealed regulations had never been repealed; and (b) anything done or any action taken or purported to have been done or taken including any adjudication, enquiry or investigation commenced or show-cause notice issued under the repealed regulations prior to such repeal, shall be deemed to have been done or taken under the corresponding provisions of these regulations; (3) After the repeal of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 Ms. Geeta Narayanan in the matter of SRK Industries Limited Page 4 of 6 the PIT Regulations, 1992. On careful perusal of regulation 13(4A) it is noted that in the facts and circumstances of this case, the provisions obligated the Noticee to make disclosures in Form D to the SRK and BSE. Such disclosures were to be made within 2 days of occurrence of the event. In this case, admittedly the Noticee had not made disclosures to SRK with regard to her impugned sales.
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Source: SecMarx — sebi:Order/AP/VS/2020-21/8800. 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.