sebi:Order/SM/AD/2021-22/15058
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. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations relied on
- SEBI (PIT) Regulations, 2015 — 7(2)(a)
Parties
- Ganesan Muthusamy
Holding
The Noticee, an employee of Titan Company Ltd., violated Regulation 7(2)(a) of the PIT Regulations on three occasions by failing to disclose transactions exceeding ten lakh rupees in a calendar quarter. A penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of Ganesan Muthusamy in the matter of Titan Company Ltd. Page 2 of 10 ‘SEBI Act’) for alleged violation of Regulation 7(2)(a) of PIT Regulations by Noticee.
Adjudication Order in respect of Ganesan Muthusamy in the matter of Titan Company Ltd. Page 3 of 10 b) It was observed from the table above that in the calendar quarter ending on December 2018, the total traded value of the securities traded by Noticee in the scrip of Titan was Rs. 5319450. It was also observed that on 3 occasions in the aforesaid calendar quarter, Noticee’s traded value of shares exceeded rupees ten lakhs. Therefore, for the aforesaid three (3) transactions, which were in excess of the limit specified in Regulation 7(2)(a) of PIT Regulations, Noticee was required to make disclosure in terms of the aforesaid regulation. In this regard, in reply to a query by SEBI, TCL vide email dated October 28, 2020, confirmed that it had not received any disclosures from Noticee.
Adjudication Order in respect of Ganesan Muthusamy in the matter of Titan Company Ltd. Page 4 of 10 c. He was not associated with top management of the company and was also not aware of decisions taken by top management of the company. d. He undertook to avoid such tradings in future.
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