sebi:Order/SM/DD/2021-22/14127

SEBI · SEBI · 2021-03-02 · Soma Majumder, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

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

• Reg. 7(2)(a)

Parties

• Mr. Dheeraj Kumar

Holding

The Noticee, an employee of Titan Company Ltd., violated Regulation 7(2)(a) of the PIT Regulations on two occasions by failing to disclose transactions in Titan shares exceeding ten lakh rupees within two trading days, and a penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.

Full text

Adjudication Order in respect of Mr. Dheeraj Kumar 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 Mr. Dheeraj Kumar in the matter of Titan Company Ltd. Page 3 of 10 Regulations, the Noticee, being an employee/ Designated Person of the Company, had to file the disclosures to the company within two trading days of such transactions, if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees or such other value as may be specified. It is alleged that the Noticee was required to make disclosure in terms of Regulation 7(2)(a) of PIT Regulations on two (2) occasions. In this regard, TCL vide email dated October 28, 2020, has confirmed that it had not received any disclosures from the Noticee.

Adjudication Order in respect of Mr. Dheeraj Kumar in the matter of Titan Company Ltd. Page 4 of 10 a) He had received a notice that he should not buy Titan Shares and he was not aware about SEBI Rules and Regulation before buying shares. b) At the time of buying shares of Titan, he did not get any notification on website, if he had received such notification, he would not have bought Titan Shares. c) He has been jobless since last one year and not able to pay penalty. d) He had not done any sale and purchase since 2018 and in the future, he will get proper knowledge regarding SEBI Rules and Regulations then only he will start his account. e) Noticee requested not to take any action him.

Source: SecMarx — sebi:Order/SM/DD/2021-22/14127. 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.