sebi:Order/KS/VC/2019-20/4568
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Facts / Headnote
Violation found but no penalty imposed
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 9(1)
- Reg. 23
Parties
- Mr. Srikanth Reddy Kolli
Holding
The Noticee violated Clause 10 of Code of Conduct under Schedule II read with Regulation 9(1) of PIT Regulations by executing contra trades, but no penalty under Section 15HB of the SEBI Act was imposed.
Full text
Page 2 of 8 Regulations. During the course of examination, it was observed by SEBI that Mr. Srikanth Reddy Kolli (hereinafter referred to as ‘Noticee’) had entered into contra trades within prohibition period i.e. within 6 months of earlier trade.
Page 3 of 8 b. During the course of Examination, it was observed that the Noticee had entered into the following trades in the scrip of BCL: Table 1 Date of Acquisition / Sale No. of shares acquired No. of Shares Sold Sale/ Acquisition Value Balance No. of shares held 20-Feb-2017 240 8,880.00 0 15-May-2017 1000 46,850.00 1000 27-Sep-2017 1000 75,254.00 0 c. In view of Table 1, it is observed that the Noticee had entered into 3 contra trades, 1 on the buy side and 2 on the sell side during the examination period and had earned a profit of Rs. 19,220/- by those trades. The Noticee has not denied entering in the above said transactions. d. In view of this, it is alleged that the Noticee had entered into contra trades within prohibition period i.e. within 6 months of earlier trades. Therefore, it is alleged that the Noticee, by entering contra trades within 6 months, has violated the provisions of Clause 10 of Code of Conduct mentioned at Schedule II read with Regulation 9(1) of PIT Regulations.
Page 4 of 8 The Noticee appeared in person on September 23, 2019. The Noticee reiterated the submissions made by him in his Email dated August 26, 2019. CONSIDERATION OF ISSUES AND FINDINGS:
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Source: SecMarx — sebi:Order/KS/VC/2019-20/4568. 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.