sebi:Order/SR/2022-23/41/22692
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Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 12
- s. 15J
- s. 23
- s. 4A
Regulations
- Reg. 12(1)
- Reg. 199
Parties
- Jigar Harshadkumar Shah
Holding
The Noticee, as compliance officer of Radhe Developers (India) Ltd., violated clause 1.2 of the Code of Conduct specified under Part A of Schedule I read with Regulation 12(1) of the PIT Regulations, 1992, and is liable to a monetary penalty of Rs. 1,00,000 under section 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Jigar Harshadkumar Shah in the matter of Radhe Developers (India) Ltd. Page 2 of 9 SEBI-PUBLIC of provisions of clause 1.2 of Code of Conduct specified under Part A of Schedule I read with Regulation 12(1) of PIT Regulations, 1992 by the Noticee. Shri Nagendraa Parakh was appointed as the Adjudicating Officer (AO) under section 15-I of the SEBI Act, 1992 r/w rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as Adjudication Rules, 1995) to inquire into and adjudge, under section 15HB of the SEBI Act, 1992 for alleged violations of provisions of clause 1.2 of Code of Conduct specified under Part A of Schedule I read with Regulation 12(1) of the PIT Regulations, 1992 by the Noticee. Subsequently, the matter was transferred and undersigned was appointed AO vide order dated July 10, 2017.
Adjudication Order in respect of Jigar Harshadkumar Shah in the matter of Radhe Developers (India) Ltd. Page 3 of 9 SEBI-PUBLIC
Adjudication Order in respect of Jigar Harshadkumar Shah in the matter of Radhe Developers (India) Ltd. Page 4 of 9 SEBI-PUBLIC relied upon to take the instant adjudication proceedings to its end. Vide letter dated August 27, 2020 Noticee requested for more time. Hearing Notice dated August 23, 2021 was sent to Noticee for hearing scheduled from August 30, 2021 to September 03, 2021 at any date between 11:00 AM to 04:00 PM through any mode convenient to Noticee. Noticee sought postponement. Another opportunity of hearing was provided vide email dated October 13, 2021 for any date from October 20 to 22, 2021, failing which matter will be proceeded upon on the basis of material on record. Noticee intimated about his Authorized representative and confirmed about attending the hearing as scheduled. Hearing proceedings were completed on October 20, 2021. Noticee attended with Authorised Representative. Minutes were confirmed over email. During the hearing Noticee requested for additional time to be given for reply, the same was given. Noticee filed a reply dated December 18, 2021.
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Source: SecMarx — sebi:Order/SR/2022-23/41/22692. 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.