sebi:Order/SM/DD/2022-23/18450
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Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed under Section 15A(b) of SEBI Act
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. Rakesh Kishor Rathod
Holding
The Noticee, 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 is liable for monetary penalty under Section 15A(b) of SEBI Act, with a penalty of Rs. 1,00,000 imposed.
Full text
Adjudication order in respect of Mr. Rakesh Kishor Rathod in the matter of Titan Company Ltd P a g e | 2 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. Rakesh Kishor Rathod in the matter of Titan Company Ltd P a g e | 3 b) It was observed from the table above that in the calendar quarter ended March 2019, the total traded value of the securities traded by Noticee in the scrip of Titan was Rs 1,00,76,175/-. It was observed that on five (5) occasions in the aforesaid calendar quarter, 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 Mr. Rakesh Kishor Rathod in the matter of Titan Company Ltd P a g e | 4 c. He had no intention to break any rules laid down by SEBI and he was not aware of the same. d. He had incurred losses in the trading of Titan shares.
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Source: SecMarx — sebi:Order/SM/DD/2022-23/18450. 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.