sebi:Order/KS/AE/2020-21/9759

SEBI · SEBI · 2018-07-05 · K Saravanan, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Adjudication proceedings abated; SCN dated March 28, 2019 disposed of without going into merits

Provisions invoked

• s. 15
• s. 19
• s. 12A
• s. 15H

Regulations

• Reg. 3(b)

Parties

• Late Shri Ashok Kulkarni

Holding

The adjudication proceedings initiated against the Noticee, Late Shri Ashok Kulkarni, are liable to be abated on account of his demise, without going into the merits of the case, and no penalty is imposed.

Full text

Adjudication Order in respect of Late Shri Ashok Kulkarni Page 2 of 4 Foreign Institutional Investors (FIIs), AP got the GDRs converted into underlying shares and sold them in the Indian securities market with the help of certain domestic entities connected to him.

Adjudication Order in respect of Late Shri Ashok Kulkarni Page 3 of 4 not be initiated and penalty be not imposed under Section 15HA for the alleged violations of Section 12A(a), (b) and (c) of SEBI Act, read with Regulations 3(b), (c), (d), 4(2)(c), (f), (k)& (r) of PFUTP Regulations.

Adjudication Order in respect of Late Shri Ashok Kulkarni Page 4 of 4 8. Therefore, by relying on the aforementioned Orders, I am of the view that the Adjudication Proceedings initiated against the Noticee will not survive and is liable to be abated without going into the merits of the case. Consequently, no

Source: SecMarx — sebi:Order/KS/AE/2020-21/9759. 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.