sebi:Order/SM/DD/2021-22/15595
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on Noticee under Section 15A(b) of SEBI Act 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
- G. S. Saravanan
Holding
Noticee, an employee of Titan Company Ltd., violated Regulation 7(2)(a) of PIT Regulations on four occasions by failing to disclose trades exceeding Rs. 10 lakh in value. A monetary penalty of Rs. 1,00,000 was imposed on him under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of G. S. Saravanan in the matter of Titan Company Ltd. Page 2 of 9 ‘SEBI Act’) for alleged violation of Regulation 7(2)(a) of PIT Regulations by Noticee.
Adjudication Order in respect of G. S. Saravanan in the matter of Titan Company Ltd. Page 3 of 9 aforesaid calendar quarter, Noticee’s traded value of securities exceeded rupees ten lakhs. Therefore, for the aforesaid 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 G. S. Saravanan in the matter of Titan Company Ltd. Page 4 of 9 d. The above transactions were part of his routine trading activities in Titan and not based on any specific sensitive information. He traded in other scrips also. e. The trading in Titan was done by mistake and he undertook not to do such transactions in future.
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Source: SecMarx — sebi:Order/SM/DD/2021-22/15595. 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.