sebi:Order/VV/JR/2020-21/8230
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Facts / Headnote
Disposed of by settlement
Provisions invoked
- s. 15
- s. 12A
- s. 15I
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 3
- Reg. 23(1)
- Reg. 3(1)
- Reg. 12(2)
- Reg. 3(d)
- Reg. 21(1)
Parties
- Mr. I Unnikrishnan
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated May 29, 2019 are disposed of in terms of section 15JB of the SEBI Act read with regulation 23(1) of the Settlement Regulations on the basis of the settlement terms.
Full text
Page 2 of 3 f) Mr. I Unnikrishnan (“applicant”) was the Executive Director and Deputy CEO of MFL had communicated unpublished price sensitive information (“UPSI”) to market participants before the same was disclosed to the exchange and failed to supervise the implementation of code of conduct in violation of section 12A(d) and 12A(e) of Securities and Exchange Board of India Act, 1992 (“SEBI Act”) read with regulation 3 (ii) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (“PIT Regulations”) read with regulation 12(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015; regulation 21(1) of PIT regulations read with clause 1.2, 2.1 and 2.1-1 of the code of conduct as specified under Part A of Schedule I read with regulation 12(2) of PIT Regulations, 2015 and section 12A(c) of SEBI Act read with regulation 3(d) of SEBI (Prohibition of Unfair Trade Practices related to Securities Market) Regulations, 2003 (“PFUTP Regulations”).
Page 3 of 3 terms. The High Powered Advisory Committee (‘HPAC’) in its meeting held on May 29, 2020, considered the settlement terms proposed and recommended the case for settlement upon payment of ₹1,39,32,000/-(Rupees One Crore Thirty Nine Lakh and Thirty Two Thousand only) towards settlement charges.
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 Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) to inquire into and adjudge under sections 15G(ii) and (iii), 15HA and 15HB of the SEBI Act 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/2020-21/8230. 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.