sebi:Order/PM/SM/2022-23/17291

SEBI · SEBI · 2020-12-07 · Prasanta Mahapatra, Adjudicating Officer

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Facts / Headnote

Violation of regulation 7(2)(a) of PIT Regulations held established; penalty of Rs 1,00,000 imposed under section 15A(b) of SEBI Act

Provisions invoked

• s. 15A
• s. 15
• s. 19
• s. 11B
• s. 11
• s. 15F

Regulations

• Reg. 6(2)
• Reg. 7(2)(a)

Parties

• Meenakumari M

Holding

The Noticee violated regulation 7(2)(a) of the PIT Regulations by failing to disclose trades exceeding Rs 10,00,000 in value within the stipulated time. A monetary penalty of Rs 1,00,000 under section 15A(b) of the SEBI Act was imposed on the Noticee.

Full text

Adjudication Order in respect of Meenakumari M, Page 2 of 11 In the matter of Mindtree Ltd. 4. Thereafter, the Company was asked to confirm whether the Company or its compliance officer had received any disclosures for trading done by the Noticee in terms of regulation 7(2)(a) of the PIT Regulations. Vide emails dated December 07, 2020 and December 14, 2020 (hereinafter referred to as the “December 2020 Replies”), the Company confirmed that it had not received any disclosures from the said Noticee. In view of this communication, it was prima facie observed that the Noticee had failed to make the required disclosure under regulation 7(2)(a) of the PIT Regulations. Thereafter, SEBI initiated adjudication proceedings against the Noticee for the alleged violation of regulation 7(2)(a) of PIT Regulations in respect of the transactions in the Company’s scrip under section 15A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the “SEBI Act”).

Adjudication Order in respect of Meenakumari M, Page 3 of 11 In the matter of Mindtree Ltd. (i) SEBI vide email sent on August 03, 2020, called upon the Company, to provide the names and PAN of its employees, promoters, directors and persons falling under the purview of regulation 6(2) of the PIT Regulations for the period January 01, 2019 to March 31, 2019, duly certified as true and correct by their compliance officer.

Adjudication Order in respect of Meenakumari M, Page 4 of 11 In the matter of Mindtree Ltd. 8. After considering the facts and circumstances of the case, the undersigned granted an opportunity of hearing to the Noticee on October 04, 2021 vide email sent on September 09, 2021. In view of the prevailing circumstances owing to COVID-19, the hearing was scheduled through video conferencing on cisco webex platform. On the scheduled hearing date, the Noticee did not availed the same. In the interest of justice, Noticee was granted final opportunity of personal hearing on December 10, 2021, however, Noticee again did not avail the same. Further, Noticee had not made any submissions throughout the adjudicating proceedings. Therefore, I find that principles of natural justice have been complied with respect to the Noticee in the current adjudication proceedings.

Source: SecMarx — sebi:Order/PM/SM/2022-23/17291. 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.