sebi:Order/VV/JR/2020-21/8229
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Facts / Headnote
Disposed of by settlement
Provisions invoked
- s. 15
- s. 12A
- s. 15I
- s. 15J
- s. 23I
- s. 21
- s. 23
- s. 23E
Regulations
- Reg. 12(1)
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 201
- Reg. 3(1)
- Reg. 12(2)
- Reg. 3(d)
Holding
The instant adjudication proceedings initiated against the Noticee vide SCN dated May 29, 2019 are disposed of in terms of section 15JB of SEBI Act and section 23JA of SCRA read with regulation 23(1) of the Settlement Regulations on the basis of the settlement terms.
Full text
Page 2 of 3 f) The applicant communicated unpublished price sensitive information (“UPSI”) to market participants before the same was disclosed to stock exchange which is allegedly in violation of regulations 12(1), 12(2) and 12(3) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (“PIT Regulations”) read with clause 2.1, 6.0 (i) and 6.0 (iv) of Schedule II read with Regulation 12(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations 2015”); clause 36 of the listing agreement read with section 21 of Securities Contracts Regulation Act, 1956 (“SCRA”) and section 12A(c) of Securities and Exchange Board of India Act, 1992 (“SEBI Act”) read with regulation 3(d) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (“PFUTP Regulations”).
Page 3 of 3 5. After attending meeting with the Internal Committee of SEBI on March 11, 2020, in terms of the Settlement Regulations, the Noticee vide letter dated March 20, 2020, proposed the revised settlement terms. The High Powered Advisory Committee (‘HPAC’) in its meeting held on May 29, 2020,
2. Pursuant to above, the competent authority in SEBI was satisfied that there are sufficient grounds to inquire into the affairs and adjudicate upon the alleged aforesaid violations. Vide a communication-order dated June 21, 2016, the competent authority had appointed an Adjudicating Officer under section 15-I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) and section 23-I of SCRA read with rule 4 of Securities Contracts (Regulation) (Procedure for Holding Inquiry and imposing penalties by Adjudicating Officer) Rules, 2005 (“SCRA Adjudication Rules”) to inquire into and adjudge under sections 15 HA and 15HB of the SEBI Act and section 23E of SCRA for the aforesaid alleged violations. Subsequently, by a communication-order dated August 13, 2019, this case has been transferred to the undersigned with an advise that except for the change of the Adjudicating Officer the other terms and conditions of the original orders ‘shall remain unchanged and shall be in full force and effect’ and that the “Adjudicating Officer shall proceed in accordance with the terms of reference made in the original orders”.
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Source: SecMarx — sebi:Order/VV/JR/2020-21/8229. 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.