sebi:Order/SM/DD/2022-23/16260
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Facts / Headnote
Penalty imposed on Noticee for violation of Regulation 7(2)(a) of PIT Regulations
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 7(2)(a)
Parties
- Praveen Joshi
Holding
Noticee Praveen Joshi violated Regulation 7(2)(a) of the PIT Regulations on three occasions by failing to make requisite disclosures to Titan Company Ltd. when his traded value in Titan securities exceeded ten lakh rupees in a calendar quarter, and is liable to a penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of Praveen Joshi 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 Praveen Joshi in the matter of Titan Company Ltd. Page 3 of 9 occasions in the aforesaid calendar quarters, Noticee’s traded value of securities in Titan 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 Praveen Joshi in the matter of Titan Company Ltd. Page 4 of 9 d. At the time of trading, there was no intention to violate the PIT Regulations or Titan’s Code of Conduct. e. Traded amount exceeds the limit of Rs. 10 lakhs as transactions are done in the intraday category and the sum of buy value and sale value is
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Source: SecMarx — sebi:Order/SM/DD/2022-23/16260. 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.