sebi:Order/PM/PA/2022-23/16347
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation of section 12A(d) and (e) of SEBI Act read with regulation 4(1) of PIT Regulations not established; violation of clause 4 of CoC established with penalty imposed
Provisions invoked
- s. 11B
- s. 15
- s. 19
- s. 12A
- s. 12
- s. 11
- s. 15H
- s. 15G
- s. 15J
- s. 15F
Regulations
- Reg. 4
- Reg. 13
- Reg. 3
- Reg. 9
- Reg. 5
- Reg. 4(1)
- Reg. 3(i)
- Reg. 2
- Reg. 11
- Reg. 12
- Reg. 2(1)(g)
- Reg. 9(1)
- Reg. 2(1)(n)
- Reg. 3S
- Reg. 4I
- Reg. 5S
Parties
- Prateek Sarawgi
Holding
The alleged violation of section 12A(d) and (e) of the SEBI Act read with regulation 4(1) of the PIT Regulations was held not established against the Noticee, while the violation of clause 4 of the Code of Conduct under the PIT Regulations was established and a monetary penalty was imposed as a deterrent.
Full text
Adjudication order in respect of Prateek Sarawgi, Page 2 of 48 In the matter of Infosys Ltd. as per the Company’s submission, the trading window was closed from December 16, 2016 to January 15, 2017.
Adjudication order in respect of Prateek Sarawgi, Page 3 of 48 In the matter of Infosys Ltd. granted two hearing opportunities. Neither did the Noticee submit a reply nor did he avail any of the hearing opportunities granted to him. In light of the above, the proceeding was concluded based on the material available on record. Vide order dated August 09, 2021 the Noticee was found to be in violation of: (i) section 12A(d) and (e) of SEBI Act read with regulation 4(1) of the PIT Regulations; and (ii) clause 4 of the CoC and a penalty of Rs 12 lakhs was imposed.
Adjudication order in respect of Prateek Sarawgi, Page 4 of 48 In the matter of Infosys Ltd. copy of the SCN along with the annexures would be sent to them vide email. Further, they were given time till November 29, 2021 to submit their reply to the SCN. The SCN and the annexures were sent to the Noticee and his AR vide email on November 15, 2021 and the Noticee acknowledged the receipt of the said email. The allegations levelled in the SCN have been summarized hereunder:
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/PM/PA/2022-23/16347. 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.