sebi:Order/SM/RG/2022-23/22676-22686
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Facts / Headnote
SCN bearing no. EAD5/MC/HP/12683/2021 dated June 17, 2021 disposed qua Noticees 1 to 11 without imposition of any monetary penalty
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15G
Regulations
- Reg. 3
- Reg. 5
- Reg. 4(1)
- Reg. 2
- Reg. 30
- Reg. 2(1)(g)
- Reg. 2(1)
- Reg. 3(1)
Holding
The adjudication proceeding for alleged communication of and trading while in possession of UPSI relating to Axis Bank Q1FY18 results circulated via WhatsApp is concluded by disposing the SCN against all 11 Noticees without any monetary penalty.
Full text
Adjudication order in the matter of circulation of UPSI through Whatsapp messages – Axis Bank Ltd. Page 2 of 18 Ltd.(hereinafter referred to as “NSE” and collectively as “Stock Exchanges”) for the consumption of public at large.
Adjudication order in the matter of circulation of UPSI through Whatsapp messages – Axis Bank Ltd. Page 3 of 18 V. The aforesaid message was treated as UPSI as per Regulation 2(1) (n) of PIT Regulations, and the entities in possession of the aforesaid message are being treated as ‘insiders’ as per Regulation 2(1)(g) of PIT Regulations.
Adjudication order in the matter of circulation of UPSI through Whatsapp messages – Axis Bank Ltd. Page 4 of 18 should not be held and penalty not be imposed against them under Section 15G of the SEBI Act for the alleged violation of Sections 12A (d) and (e) of SEBI Act and Regulation 3(1) and 4(1) of PIT Regulations. The said SCN was served through SPAD and was duly delivered to the Noticees.
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Source: SecMarx — sebi:Order/SM/RG/2022-23/22676-22686. 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.