sebi:Order/SR/PP/2020-21/7597/5
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Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 13
- s. 16
- s. 15J
- s. 28A
- s. 23J
- s. 23
- s. 23H
- s. 17
- s. 260
- s. 18
Regulations
- Reg. 3
- Reg. 7(1)
- Reg. 11
- Reg. 12(1)
- Reg. 4(1)
- Reg. 199
- Reg. 2(1)(e)
- Reg. 10
- Reg. 11(1)
- Reg. 3(a)
- Reg. 13(4)
- Reg. 201
- Reg. 12(2)
- Reg. 2(1)(e)(1)
Parties
- Arvind Babulal Goyal
Holding
The Adjudicating Officer found that Arvind Babulal Goyal, as a person acting in concert (PAC), violated Regulations 10 and 11(1) of the SAST Regulations 1997 by failing to make an open offer, and also found violations of the Model Code of Conduct under PIT Regulations 1992, non-disclosure under Regulation 13(4) of PIT Regulations 1992, and violations of PFUTP Regulations including synchronized and reversal trades. The Noticee's contention that he was not a director/officer of Incap during the investigation period was rejected as the resignation was not accepted and no RoC filing was made before the investigation period ended.
Full text
Adjudication Order in respect of Arvind Babulal Goyal in the matter of Incap Financial Services Limited . Page 2 of 34 2. On the basis of the aforementioned complaint, a department of SEBI (in short OD) appointed Investigating Authority (in short IA) and undertook an investigation in the matter for a period from December 1, 2010 to February 23, 2011 (hereinafter referred to as Investigation period / IP ) to ascertain whether there was any violation of Securities and Exchange Board of India Act, 1992 (in short SEBI Act), the Securities Contracts (Regulation) Act, 1956 (in short SCRA), the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (in short PFUTP Regulations), the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (in short SAST Regulations) and the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (in short PIT Regulations 1992) read with (r/w) the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (in short PIT Regulations 2015). The shares of Incap were listed at Bombay Stock Exchange Limited during IP. IA observed non-compliances with regard to SEBI Act, SCRA, PFUTP Regulations, SAST Regulations and PIT Regulations by Arvind Babulal Goyal (in short Noticee) and others.
Adjudication Order in respect of Arvind Babulal Goyal in the matter of Incap Financial Services Limited . Page 3 of 34 (b), (c) & (d) and regulation 4(1), 4(2)(a) & (g) of PFUTP Regulations and section 16 of the SCRA r/w SEBI Notification G.S.R.219(E) dated March 2, 2000, sections 13 & 18 r/w section 2(i) of SCRA. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Arvind Babulal Goyal in the matter of Incap Financial Services Limited . Page 4 of 34 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
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