sebi:Order/PM/VC/2020-21/9629
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Facts / Headnote
Penalty of Rs. 4,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 29(1)
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
Parties
- Sunilkumar Bhikhabhai Nayi
Holding
The Noticee violated Regulations 29(1) and 29(2) read with Regulation 29(3) of the SAST Regulations by failing to disclose crossing of 5% shareholding and a subsequent change exceeding 2%, and a monetary penalty of Rs. 4,00,000 under Section 15A(b) of the SEBI Act was imposed on Sunilkumar Bhikhabhai Nayi.
Full text
Page 2 of 11 of March 08, 2017 to July 06, 2017. However, it is alleged that no disclosure was made by the Noticee under Regulation 29(1) and 29(2) read with Regulation 29(3) of the SAST Regulations. In view of the same, SEBI initiated adjudication proceedings against the Noticee under the provisions of Section 15A(b) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 11 Noticee and also mentioned in the SCN. However, no reply to the SCN was received from the Noticee. 5. Subsequently, vide letter dated October 22, 2020, the Noticee was provided with another opportunity to submit his reply to the SCN on or before November 10, 2020. Further, vide the same letter, an opportunity of personal hearing was also provided to the Noticee on November 23, 2020. The said letter was also delivered to the address and Email ID of the Noticee. However, the Noticee not only failed to submit his reply to the SCN but also failed to appear for personal hearing on the scheduled date. In light of this, I note that the principles of Natural Justice have been complied with and I proceed on the basis of material available on record.
Page 4 of 11 (a) Whether the Noticee has violated the provisions of Regulations 29(1) and 29(2) read with Regulation 29(3) of the SAST Regulations? (b) Does the violation, if any, attract monetary penalty under Section 15A(b) of the SEBI Act? (c) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15J of SEBI Act?
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Source: SecMarx — sebi:Order/PM/VC/2020-21/9629. 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.