sebi:Order/KS/VC/2019-20/6967-6968
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Facts / Headnote
Noticee 1 and Noticee 2 held to have violated SCRA provisions for off-market transfer without consideration; Noticee 1 held to have violated PIT Regulations for non-disclosure
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 10(3)
- s. 13
- s. 16
- s. 15J
- s. 28A
- s. 18
- s. 23
- s. 23H
- s. 29A
- s. 17
- s. 16(1)
Regulations
- Reg. 13
- Reg. 13(5)
- Reg. 12
- Reg. 54
Parties
- Sanjay Kumar
- Atin Jain
Holding
The off-market transfer of 25,000 shares of CSIL without receipt/payment of consideration is not a spot delivery contract and violates Section 16 SCRA read with Notification SO 184(E), Section 13 and Section 18 read with Section 2(i) SCRA, and the promoter-transferor's failure to disclose the Rs.95,50,000 transaction violates Regulations 13(4A) read with 13(5) of PIT Regulations.
Full text
Page 2 of 33 (hereinafter referred to as ‘CSIL’/‘Company’) during the period of December 17, 2014 to June 13, 2016 (hereinafter referred to as the “Investigation Period”).
Page 3 of 33 receipt/payment of any consideration and the same is in violation of Section 16 of Securities Contracts Regulation Act, 1956 (hereinafter referred to as ‘SCRA’) read with SEBI Notification SO 184(E) dated March 01, 2000, Section 13 and Section 18 of SCRA read with Section 2(i) of SCRA.
Page 4 of 33 Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) and Rule 3 of SEBI (Procedure for Holding Inquiry and imposing penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) and Section 23-I(1) of SCRA and Rule 3 of Securities Contracts (Regulation) (Procedure for Holding Inquiry and imposing penalties by Adjudicating Officer) Rules, 2005 (hereinafter referred to as ‘SCRA Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15A(b) of the SEBI Act and Section 23H of SCRA, the violation of the relevant provisions of PIT Regulations and SCRA read with SEBI Notification SO 184(E) dated March 01, 2000, alleged to have been committed by the Noticees while dealing in the scrip of CSIL. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
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Source: SecMarx — sebi:Order/KS/VC/2019-20/6967-6968. 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.