sebi:Order/SM/DD/2022-23/16262
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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. 11B
- s. 11
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 7(2)(a)
Parties
- Mr. Hamendra Sharma
Holding
Noticee, an employee of Titan Company Limited, violated Regulation 7(2)(a) of the PIT Regulations on three occasions by failing to disclose transactions in Titan securities exceeding Rs. 10 lakh in a calendar quarter within two trading days, and is liable for a penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 10 and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for alleged violation of Regulation 7(2)(a) of PIT Regulations by Noticee.
Page 3 of 10 was Rs 32,54,834/- and in the calendar quarter ended September 2018, the total traded value of the securities traded by Noticee in the scrip of Titan was Rs. 13,59,740/-. It was observed that on three 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.
Page 4 of 10 b. He did not have access to any financial reports of the company at the time of the impugned transactions. He was also unaware of the law that any employee cannot trade in the shares of their own company. c. He had stopped trading in the company share as well as in the market. d. He had not made any major profit and also had incurred losses in transactions in the securities of Titan.
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Source: SecMarx — sebi:Order/SM/DD/2022-23/16262. 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.