sebi:Order/GR/RK/2021-22/13548-13550

SEBI · SEBI · 2021-02-09 · G Ramar, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

All three noticees held liable for insider trading and penalty of Rs. 25,00,000 each imposed under Section 15G of SEBI Act, 1992

Provisions invoked

Regulations relied on

Parties

Holding

The Noticees, being insiders in possession of UPSI relating to classification of VIL's loan account as NPA, executed off-market transactions during the UPSI period in violation of Regulation 4(1) of SEBI PIT Regulations, 2015 read with Section 12A(d) & (e) of SEBI Act, 1992, and are liable to monetary penalty under Section 15G.

Full text

Adjudication Order w.r.t. 3 entities in the matter of M/s Videocon Industries Limited Page 2 | 23 as “investigation period”) in the scrip of VIL for the possibility of insider trading and volume manipulation by certain entities. During the investigation, SEBI had observed prima facie violations of Regulation 4(1) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred as ‘SEBI PIT Regulations, 2015’) read with Sec 12A (d) & (e) of Securities and Exchange Board of India Act, 1992, (hereinafter referred as ‘SEBI Act, 1992’) by the Noticees.

Adjudication Order w.r.t. 3 entities in the matter of M/s Videocon Industries Limited Page 3 | 23 Trading) Regulations, 2015 (hereinafter referred as ‘SEBI PIT Regulations, 2015’) read with section 12A (d) & (e) of SEBI Act, 1992.

Adjudication Order w.r.t. 3 entities in the matter of M/s Videocon Industries Limited Page 4 | 23 Securities Appellate Tribunal (‘SAT’) in the matter of Classic Credit Ltd. vs. SEBI (Appeal No. 68 of 2003 decided on December 08, 2006) has, inter alia, held that, "......the appellants did not file any reply to the second show-cause notice. This being so, it has to be presumed that the charges alleged against them in the show cause notice were admitted by them”.

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Source: SecMarx — sebi:Order/GR/RK/2021-22/13548-13550. 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.