sebi:Order/GR/RK/2020-21/10749
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Facts / Headnote
Penalty of Rs 3,00,000 imposed under Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 12
- s. 15F
- s. 28A
- s. 4A
Regulations
- Reg. 13
- Reg. 12
- Reg. 13(4)
- Reg. 13(5)
- Reg. 10
- Reg. 12(1)
- Reg. 45
Parties
- Mr. Manojbhai Modi
Holding
The Adjudicating Officer held that Mr. Manojbhai Modi violated Regulations 13(4)/13(4A) read with 13(5) and Clause 4.2 of the Model Code of Conduct under Regulation 12 of the PIT Regulations and imposed a penalty of Rs 3,00,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Mr. Manojbhai Modi in the matter of Wagend Infra Venture Ltd. 2 | P a g e as “the Noticee”) during the investigation period had triggered disclosure requirements on under PIT Regulations. However, it was observed that Noticee had not made necessary disclosure to the company and the exchange (‘BSE’) as required under PIT Regulations. It was further observed that the Noticee had taken opposite positions in the scrip of the company within six months which is in violation of Clause 4.2 of Model Code of Conduct under Regulation 12 of SEBI PIT Regulations. Consequently, it was alleged that the Noticee has violated Regulations 13(4) read with 13(5) of PIT Regulations and Clause 4.2 of the Model Code of Conduct for prevention of Insider Trading for listed companies under Regulation 12 of PIT Regulations. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Mr. Manojbhai Modi in the matter of Wagend Infra Venture Ltd. 3 | P a g e 5. In response to this, the Noticee vide its email dated February 02, 2021 requested for some additional time to file their reply to the SCN. Hence, vide email dated February 03, 2021, the Noticee was granted additional time till February 13, 2021, to submit its reply to the SCN. Further, an opportunity of personal hearing was also granted to the Noticee on February 17, 2021 vide the same email.
Adjudication Order in respect of Mr. Manojbhai Modi in the matter of Wagend Infra Venture Ltd. 4 | P a g e 8. Further, the Hon’ble SAT in the matter of Sanjay Kumar Tayal & Others vs SEBI (Appeal No. 68 of 2013 decided on February 11, 2014), has also, inter alia, and observed that:
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Source: SecMarx — sebi:Order/GR/RK/2020-21/10749. 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.