sebi:Order/BM/UR/2022-23/22234
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Facts / Headnote
SCN dated November 16, 2022 disposed without imposing any penalty
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 12
- s. 15J
Regulations
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 201
- Reg. 31
Parties
- Equitas Holdings Limited
Holding
The Noticee did not violate Regulation 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011 by not disclosing the 6.73% reduction in its percentage shareholding in ESFBL, and the SCN was disposed without penalty.
Full text
Adjudication Order in the matter of Equitas Small Finance Bank Ltd. Page 2 of 11 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned was appointed as the Adjudicating Officer (hereinafter referred to as “AO”) vide Order dated November 11, 2022 under Section 15-I(1) of the SEBI Act and Rule 3 of SEBI(Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) read with Section 19 of the SEBI Act, 1992 to conduct adjudication proceedings into the violations of Regulation 29(2) read with Regulation 29(3) of SEBI SAST Regulations, 2011 alleged to have been committed by the Noticee in the manner specified under Rule 4 of Adjudication Rules read with Section 15-I(1) and (2) of SEBI Act, 1992, and if satisfied that penalty is liable, impose such penalty deemed fit in terms of Rule 5 of Adjudication Rules and Section 15A(b) of SEBI Act, 1992.
Adjudication Order in the matter of Equitas Small Finance Bank Ltd. Page 3 of 11 ii. Noticee has not made disclosure with regards to change of 6.73% in its shareholding of Transferee company
Adjudication Order in the matter of Equitas Small Finance Bank Ltd. Page 4 of 11 g. Thus it was alleged that, Noticee had not made disclosure with regards to change of 6.73% in its shareholding of Transferee company and has violated Regulation 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011.
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Source: SecMarx — sebi:Order/BM/UR/2022-23/22234. 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.