sebi:Order/SM/DD/2022-23/18492

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

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Facts / Headnote

Violation of Regulation 7(2)(a) of PIT Regulations established; penalty of Rs. 1,00,000 imposed under Section 15A(b) of SEBI Act

Provisions invoked

• s. 15A
• s. 15
• s. 19
• s. 15I
• s. 15J
• s. 15F
• s. 28A

Regulations

• Reg. 7(2)
• Reg. 7(2)(a)

Parties

• Ms. Soma Bhattacharya

Holding

Ms. Soma Bhattacharya, an employee of Titan Company Ltd., violated Regulation 7(2)(a) of PIT Regulations on three occasions by failing to disclose trades exceeding Rs. 10 lakh and is liable to a monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.

Full text

Adjudication Order in respect of Ms Soma Bhattacharya in the matter of Titan Company Ltd. Page 2 of 11 ‘SEBI Act’) for alleged violation of Regulation 7(2)(a) of PIT Regulations by Noticee.

Adjudication Order in respect of Ms Soma Bhattacharya in the matter of Titan Company Ltd. Page 3 of 11 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 Ms Soma Bhattacharya in the matter of Titan Company Ltd. Page 4 of 11 b. Noticee also stated that, although there was a breach of provision of the regulation it was not done with a malafide intent to accrue undue benefit rather it was done in a tranche while doing intraday transactions which included not only the securities of this company but many other companies as well. c. Noticee had not gained any benefit accrued from those transactions as per our code of conduct and as soon as the Noticee was informed of the violation the Noticee had immediately given the details asked by the compliance officer. d. Moreover, time and again judicial pronouncements have pardoned genuinely bonafide mistakes as they are done not with a view to abuse the market position and accrue undue benefits. Noticee has relied on the judgement of “Kotak Mahindra Life Insurance Company Limited, In the matter of selective disclosure of unpublished price sensitive information by Manappuram Finance Ltd., ADJUDICATION

Source: SecMarx — sebi:Order/SM/DD/2022-23/18492. 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.