sebi:Order/GR/KG/2020-21/8240
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Facts / Headnote
Violation established; penalty of Rs. 10,00,000 imposed under Section 15G(i)
Provisions invoked
- s. 15
- s. 12A
- s. 15I
- s. 15G
- s. 15J
- s. 28A
Regulations
- Reg. 3
- Reg. 5
- Reg. 4(1)
- Reg. 2
- Reg. 2(e)
- Reg. 201
- Reg. 9(1)
- Reg. 2(e)(i)
- Reg. 2(1)(n)
Parties
- Shri Anil Mittal
Holding
The Noticee, CFO of IBREL, violated Section 12A(d) and (e) of SEBI Act read with Regulation 4(1) of PIT Regulations, 2015 by selling 10,000 shares on June 12, 2017 while in possession of UPSI, and is liable to monetary penalty under Section 15G(i).
Full text
Page 2 of 23 regarding the sale of its 3.3 Crore shares by its promoter entity IBREL IBL Scheme Trust (hereinafter referred to as the “Trust”) of which IBREL is the sole beneficiary. Post the above announcement on June 22, 2017, price of the scrip fell from Rs.204.70 at 12:15:06 to Rs.192.00 on the same day, thereby registering a fall by 6.20%.
Page 3 of 23 was taken by Operations Committee of IBREL and June 22, 2017 (12:15 PM on BSE and 12:17 PM on NSE). 3. Investigation further revealed that Mr. Anil Mittal (hereinafter referred to as the “Noticee”) was the Chief Financial Officer (“CFO”) of IBREL at the relevant point of time when the said UPSI existed. The Noticee had attended the meeting of the Operations Committee, as an Invitee, on June 8, 2017, when the alleged UPSI came into existence. It was therefore prima facie observed that the Noticee was one of the persons who were having access to and/or were in possession of the said UPSI.
Page 4 of 23 Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “SEBI Adjudication Rules”) read with Section 15-I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) to inquire into and adjudge under Section 15G(i) of SEBI Act, 1992, the alleged violation of the provisions of Section 12A (d) and (e) of SEBI Act, 1992 read with Regulation 4(1) of the PIT Regulations, 2015.
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Source: SecMarx — sebi:Order/GR/KG/2020-21/8240. 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.