sebi:Order/SM/DD/2021-22/14938
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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. M. S. Babu
Holding
The Adjudicating Officer held that Noticee Mr. M. S. Babu violated Regulation 7(2)(a) of the PIT Regulations on three occasions by failing to make required disclosures for transactions in Titan Company Ltd shares exceeding ten lakh rupees in the quarter April-June 2018, and imposed a penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication order in respect of M. S. Babu in the matter of Titan Company Ltd Page 2 of 10 India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for alleged violation of Regulation 7(2)(a) of PIT Regulations by Noticee.
Adjudication order in respect of M. S. Babu in the matter of Titan Company Ltd Page 3 of 10 was Rs. 79,11,028. It was observed that on 3 occasions in the aforesaid calendar quarters, the 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 disclosures 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 M. S. Babu in the matter of Titan Company Ltd Page 4 of 10 c. He was working as a worker in the Hosur factory of Titan for the last 30 years. d. He assured that he would not buy any shares hereafter.
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Source: SecMarx — sebi:Order/SM/DD/2021-22/14938. 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.