sebi:Order/SM/DP/2022-23/24215-24216
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Facts / Headnote
Penalty imposed on both Noticees for violation of Regulation 29(2) read with Regulation 29(3) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 28A
Regulations
- Reg. 199
- Reg. 10
- Reg. 29(2)
- Reg. 29(3)
- Reg. 16(3)
Parties
- Darshan Orna Limited
- Veeram Securities Ltd.
Holding
The Noticees violated Regulation 29(2) read with Regulation 29(3) of the SAST Regulations by failing to make timely disclosures to the stock exchange within two working days of changes in shareholding exceeding two percent, and a penalty of Rs. 1,00,000 was imposed on each Noticee under Section 15A(b) of the SEBI Act.
Full text
In the matter of R O Jewels Limited Page 2 of 12 SHOW CAUSE NOTICE, REPLY AND HEARING 3. Based on the findings by SEBI, Show Cause Notice(s) dated November 29, 2022 (hereinafter referred to as 'SCN') was issued to the Noticees under Rule 4(1) of the Adjudication Rules to show cause as to why an inquiry should not be held and penalty be not imposed on them under section 15A(b) of SEBI Act for the alleged violation of the provisions of SAST Regulations. The SCN, inter alia, alleged the following:
In the matter of R O Jewels Limited Page 3 of 12 3.3. It was further observed from the aforementioned letter of BSE that Noticee No. 2 was holding 1,53,000 shares i.e. 5.4% shares of the company. It is observed that between April 23, 2020 and May 13, 2020 there was a change of 2.11% of the shareholding of Noticee No. 2 in the scrip of the company in the following manner: Sr. No. Trade Date Qty sold (No. shares/%) Cumulative share-holding (No. of shares) % cumulative shareholding 1 Prior to 23/04/2020 - 1,53,000 5.4% 2 23/04/2020 12,000 (sold) (0.42%) 1,41,000 4.98% 3 24/04/2020 6,000 (sold) (0.21%) 1,35,000 4.77% 4 05/05/2020 9,000 (sold) (0.32%) 1,26,000 4.45% 5 07/05/2020 12,000 (sold) (0.42%) 1,14,000 4.03% 6 08/05/2020 -9,000 (sold) (0.32%) 1,05,000 3.71% 7 13/05/2020 12,000 (sold) (0.42%) 93,000 3.28%
In the matter of R O Jewels Limited Page 4 of 12 within 30 calendar days from the date of receipt of the notice in terms of Regulation 16(3) of the SEBI (Settlement Proceedings) Regulations, 2018.
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Source: SecMarx — sebi:Order/SM/DP/2022-23/24215-24216. 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.