sebi:Order/GR/KG/2020-21/9695
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Facts / Headnote
Penalty imposed on the Noticee for violation of Regulation 7(2)(a) of the PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 201
- Reg. 301
Parties
- Mr. P. Selvamani
Holding
The Noticee violated Regulation 7(2)(a) of the PIT Regulations, 2015 by failing to disclose the sale of 36,325 shares of Equitas Holdings Limited within two trading days of coming to know of the transaction, and is liable for a penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication order in respect of Mr. P. Selvamani in the matter of Equitas Holdings Limited Page 2 of 24 Personnel of the company in the trading in the scrip of the company during the period September 1, 2018 to November 30, 2018. The findings of the examination prima facie indicated that the Noticee had failed to make the requisite disclosure within the stipulated timeline to the company and the stock exchanges regarding the sale of its shares of the company on November 26, 2018 for a sum of Rs. 32,45,275/-, thereby violating Regulation 7(2) of the PIT Regulations.
Adjudication order in respect of Mr. P. Selvamani in the matter of Equitas Holdings Limited Page 3 of 24 a. That vide the letter dated November 8, 2018, the Company had issued a Show Cause Notice to the Noticee which had stated the following:
Adjudication order in respect of Mr. P. Selvamani in the matter of Equitas Holdings Limited Page 4 of 24 Further, I wish to state that I am neither a Designated Person under the Company's Internal Code of Conduct for Prevention of Insider Trading nor do I have access to any Unpublished Price Sensitive Information (UPSI). I confirm that I did not have knowledge of any UPSI while the above transactions were carried out by me.
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Source: SecMarx — sebi:Order/GR/KG/2020-21/9695. 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.