sebi:Order/SM/DD/2022-23/18023

SEBI · SEBI · 2021-03-02 · Soma Majumder, Adjudicating Officer

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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

• Mr. Subramaniankannan

Holding

Noticee, an employee of Titan Company Ltd., violated Regulation 7(2)(a) of PIT Regulations on four occasions by failing to disclose transactions in Titan securities exceeding ten lakh rupees in a calendar quarter, and a penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.

Full text

Adjudication Order in respect of Mr. Subramaniankannan in the matter of Titan Company Ltd. Page 2 of 10 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. Subramaniankannan 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 65,10,563/- 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. 16,94,032/-. It was observed that on four (4) 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. Subramaniankannan in the matter of Titan Company Ltd. Page 4 of 10 c. He is low level employee of Titan. d. He does not have access to any confidential information and he is not part of senior management. e. He has incurred loss in this transaction.

Source: SecMarx — sebi:Order/SM/DD/2022-23/18023. 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.