sebi:Order/PM/SM/2021-22/11347
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Facts / Headnote
Show Cause Notice disposed of; violation not established; no penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
Parties
- Shah Ramesh Himatlal
Holding
The Adjudicating Officer held that the Noticee did not violate regulations 29(2) r/w 29(3) of the SAST Regulations, 2011, because regulation 29(3) as applicable during the relevant period did not prescribe a time limit for disclosure of disposal of shares, and the Noticee had in fact made disclosures to the stock exchanges and the company.
Full text
Adjudication order in respect of Shah Ramesh Himatlal in the matter of Gitanjali Gems Ltd. Page 2 of 14 Regulations, 2011) while dealing in the scrip of Company. Accordingly, SEBI initiated adjudication proceedings against the Noticee under the provisions of section 15A(b)for the aforesaid alleged violation of SAST Regulations, 2011.
Adjudication order in respect of Shah Ramesh Himatlal in the matter of Gitanjali Gems Ltd. Page 3 of 14 a) SEBI conducted an examination in the dealings in the scrip of GGL to examine the violation, if any, of the provisions of SAST Regulations,
Adjudication order in respect of Shah Ramesh Himatlal in the matter of Gitanjali Gems Ltd. Page 4 of 14 d) It has been observed by SEBI that no disclosure from the Noticee is available on the websites of the Stock Exchanges i.e. BSE and NSE under regulations 29(2) r/w 29(3) of SAST Regulations, 2011 for the aforesaid transactions made by the Noticee in the scrip of GGL. Vide e- mails dated March 11, 2020, NSE and BSE submitted that they had not received any disclosure from the Noticee under the provision of SAST Regulations, 2011. Further, SEBI, vide e-mail dated March 11, 2020 requested the Noticee to provide the details of disclosures made under regulation 29 of SAST Regulations, 2011 along with the documentary evidence for the aforesaid disposal of shares in the scrip of GGL. In this regard, Noticee vide email dated September 17, 2020 replied that “while selling off the shares of Gitanjali Gems Limited in year 2017 none of the brokers informed me for disclosure to be made under Reg.29 of SEBI(SAST) regulations.” The copies of the e-mails dated March 11, 2020 from the Stock Exchanges and copy of the e-mail dated September 17, 2020 received from the Noticee are provided to the Noticee.
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Source: SecMarx — sebi:Order/PM/SM/2021-22/11347. 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.