sebi:Order/SBM/PP/2018-19/1580-1583
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Facts / Headnote
Violation established; total penalty of Rs 5,00,000 imposed jointly and severally under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 29(1)
- Reg. 29(2)
- Reg. 29(3)
Parties
- Mr. Kirtikumar Rasiklal Shah
- Ms. Alakaben Kirtibhai Shah
- Mr. Karan Kirtibhai Shah
- Mr. Keval Kirtikumar Shah
Holding
The Noticees, as persons acting in concert, violated Regulations 29(2) r/w 29(3) of the SAST Regulations by failing to disclose a more than 2% change in their collective shareholding in STL, and are jointly and severally liable to a penalty of Rs 5,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 15 (hereinafter referred to as ‘Noticee 3’) and Mr. Keval Kirtikumar Shah (hereinafter referred to as ‘Noticee 4’) wherein, the 38 persons/entities named in the interim order, were, inter alia, restrained from accessing the securities market and also prohibited from buying, selling or dealing in the securities market, either directly or indirectly, in any manner whatsoever, till further
Page 3 of 15 as ‘SAST Regulations’), the Noticees had declared in their respective disclosure formats submitted to the stock exchange i.e. BSE that they were ‘persons acting in concert’ (PACs). Further, pursuant to investigations conducted by SEBI, the investigation report (IR) also mentioned the fact that Noticees were PACs w.r.t the above mentioned acquisition of 39,83,500 shares of STL. The Noticees also shared common address. Therefore, in the context of the present proceedings, the Noticees are also hereinafter referred to as PACs.
Page 4 of 15 APPOINTMENT OF ADJUDICATING OFFICER 6. The undersigned was appointed as the Adjudicating Officer, vide order dated September 08, 2016 under Section 15-I of the SEBI Act read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as 'Adjudication Rules') to inquire into and adjudge under the provisions of section 15A(b) of the SEBI Act, the aforementioned alleged violation of the provisions of law by the Noticees.
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Source: SecMarx — sebi:Order/SBM/PP/2018-19/1580-1583. 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.