sebi:Order/SM/DD/2022-23/16266
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Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed under Section 15A(b)
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. Siva Kumar C
Holding
Noticee, an employee of Titan, violated Regulation 7(2)(a) of PIT Regulations on three occasions by failing to disclose trades exceeding Rs. 10 lakh and is liable to monetary penalty under Section 15A(b) of SEBI Act.
Full text
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.
Page 3 of 10 traded value of the securities traded by Noticee in the scrip of Titan was Rs. 12,31,125/-. Similarly, in the calendar quarter ended March 2019, the total traded value of the securities traded by Noticee in the scrip of Titan was Rs. 15,04,500/-. It was observed that on three (3) 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 a. He was employed as an operator in the company and was not aware of PIT Regulations. b. He accepted the transactions stated in the SCN. c. While dealing in the securities of Titan, the total premium paid by him was in the range of Rs. 5,000 to Rs. 20,000 and he was not aware of the total value in the F&O segment. d. He was not aware of the rule that he could not trade beyond the value of rupees ten lakhs. e. He had not traded beyond ten lakh rupees and had traded in the options segment only. f. He undertook to abide by the regulations henceforth.
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Source: SecMarx — sebi:Order/SM/DD/2022-23/16266. 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.