sebi:Order/SM/DD/2022-23/18014
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Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed
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
- Mr. Ajay Singh
Holding
Mr. Ajay Singh, an employee of Titan Company Ltd., violated Regulation 7(2)(a) of PIT Regulations on five occasions by failing to disclose trades exceeding Rs. 10 lakh, and a penalty of Rs. 1,00,000 under Section 15A(b) of SEBI Act was imposed.
Full text
Adjudication Order in respect of Mr. Ajay Singh in the matter of Titan Company Ltd. Page 2 of 10 ‘Noticee/by name’). Therefore, SEBI initiated adjudication proceedings against Noticee under the provisions of Section 15A(b) of Securities 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.
Adjudication Order in respect of Mr. Ajay Singh in the matter of Titan Company Ltd. Page 3 of 10 b) It was observed from the table above that in the calendar quarter ended June 2018, the total traded value of the securities traded by Noticee in the scrip of Titan was Rs 66,48,197/-. It was observed that on five (5) occasions in the aforesaid calendar quarters, Noticees 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 Mr. Ajay Singh in the matter of Titan Company Ltd. Page 4 of 10 c. The traded amount during the quarter was high as transaction were done in intraday category. d. He also does not come under the category of “Designated person” or “a person having access to the unpublished price sensitive information”.
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Source: SecMarx — sebi:Order/SM/DD/2022-23/18014. 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.