sebi:Order/PM/SM/2022-23/17386
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Facts / Headnote
Penalty imposed on Noticee for violation of regulation 7(2)(a) of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11B
- s. 11
- s. 15F
Regulations
- Reg. 6(2)
- Reg. 7(2)(a)
Parties
- Taneja Vikas
Holding
The Noticee violated regulation 7(2)(a) of the PIT Regulations by failing to disclose transactions aggregating to Rs 48,23,214 in a calendar quarter within two trading days, and a monetary penalty of Rs 1,00,000 was imposed under section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of Taneja Vikas, Page 2 of 13 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 Taneja Vikas, Page 3 of 13 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 Taneja Vikas, Page 4 of 13 In the matter of Mindtree Ltd. 8. After considering the facts and circumstances of the case, the undersigned granted an opportunity of personal hearing to the Noticee on January 28, 2021, vide email sent on January 19, 2022. On the scheduled hearing date, the Noticee did not avail the hearing opportunity. In the interest of Justice, Noticee was again granted final opportunity of personal hearing on June 02, 2022, vide email sent on May 27, 2022. On the scheduled hearing date, the Noticee appeared before me through video conference. Notice was informed that he has not submitted a reply throughout the adjudication proceedings with respect to the charges levelled in the SCN. Noticee requested for time till June 09, 2022 for making submissions, which was acceded to. Noticee made his submissions on June 09, 2022, Therefore, I find that principles of natural justice have been complied with respect to the Noticee in the current adjudication proceedings.
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Source: SecMarx — sebi:Order/PM/SM/2022-23/17386. 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.