sebi:Order/BD/AB/2020-21/9850
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs 3,00,000 imposed under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(1)
- Reg. 7(3)
- Reg. 7(1)
Parties
- Silver Stallion Limited
Holding
The Noticee, Silver Stallion Limited, violated Regulation 7(1) of the SAST Regulations and Regulation 13(1) of the PIT Regulations by failing to disclose its 9.47% acquisition in BPML's IPO within the stipulated time, and is liable to a monetary penalty of Rs 3,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 Act on March 10, 2017. Subsequently, Shri Jeevan Sonaparote was appointed as the Adjudicating Officer in the matter after which the undersigned was appointed as the Adjudicating Officer in the matter on September 26, 2019.
Page 3 of 7 CONSIDERATION OF ISSUES 9. I have carefully perused the charges levelled against the Noticee, its reply and the documents / material available on record. The issues that arise for consideration in the present case are : (a) Whether the Noticee has violated the provisions of Regulation 7(1) read with 7(2) of the SAST Regulations and Regulation 13(1) of the PIT Regulations? (b) Does the violation, if any, attract monetary penalty under Section 15A(b) of the SEBI Act? (c) If so, what would be the quantum of monetary penalty that can be imposed on the Noticee after taking into consideration the factors mentioned in section 15J of the SEBI Act?
Page 4 of 7 PIT Regulations Disclosure of interest or holding in listed companies by certain persons - Initial Disclosure 13. (1) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form A, the number of shares or voting rights held by such person, on becoming such holder, within 2 working days of :—
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/BD/AB/2020-21/9850. 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.