sebi:Order/SM/AD/2021-22/14890

SEBI · SEBI · 2020-12-07 · Soma Majumder, Adjudicating Officer

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Facts / Headnote

Violations found; monetary penalty imposed under Section 15G of the SEBI Act

Provisions invoked

• s. 15
• s. 19
• s. 12A
• s. 15H
• s. 15I
• s. 15G
• s. 15J
• s. 15F
• s. 28A

Regulations

• Reg. 3
• Reg. 199
• Reg. 3(i)
• Reg. 2
• Reg. 2(c)
• Reg. 2(e)
• Reg. 4(1)
• Reg. 12
• Reg. 201
• Reg. 2(1)(d)
• Reg. 2(1)(g)
• Reg. 2(1)(n)

Parties

• Mr. Amalendu Mukherjee

Holding

The Noticee, Mr. Amalendu Mukherjee, was found to have violated Sections 12A(d) and (e) of the SEBI Act and Regulations 3(i) and 4 of PIT Regulations, 1992 read with Regulation 12 of PIT Regulations, 2015 and Regulation 4(1) of PIT Regulations, 2015 by trading in Ricoh India Limited shares while in possession of unpublished price sensitive information (UPSI), and a monetary penalty was imposed under Section 15G of the SEBI Act.

Full text

pg. 2 AO Order in the matter of Ricoh India Limited APPOINTMENT OF ADJUDICATING OFFICER 2. Vide order dated December 07, 2020, SEBI appointed the undersigned as Adjudicating Officer under Section 15I of the SEBI Act read with Section 19 of the SEBI Act and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15G of SEBI Act, the alleged violation of Sections 12A(d) and (e) of the SEBI Act, Regulations 3(i) and 4 of PIT Regulations, 1992 read with Regulation 12 of PIT Regulations, 2015 and Regulation 4(1) of PIT Regulations, 2015 by Noticee.

pg. 3 AO Order in the matter of Ricoh India Limited disseminated by BSE on April 22, 2016. Thus, SEBI considered that the period of UPSI to be from April 01, 2012 to April 22, 2016, i.e., from Financial Year 2012-13 till the date of dissemination of announcement on BSE.

pg. 4 AO Order in the matter of Ricoh India Limited e. Further, it was observed in investigation that AM sold FDSL’s entire shareholding of 22,828 shares in Ricoh at price of INR 831.86 per share on November 17, 2015, i.e., two days after the announcement dated November 15, 2015, by Ricoh adjourning the Audit Committee and Board of Directors Meetings of Ricoh for consideration of quarterly financial results for the quarter ended September 30, 2015. f. The corporate announcement pertaining to financial statements being untrue was made on April 22, 2016 at 19:13:40 at BSE. The closing price on April 25, 2019 (the next trading day) was Rs. 320.3. It was alleged that by offloading its entire shareholding on November 17, 2015, FDSL avoided a notional loss of Rs. 1,16,77,892/-, the details of which are as under:

Source: SecMarx — sebi:Order/SM/AD/2021-22/14890. 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.