sebi:Order/VV/JR/2020-21/8232
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Facts / Headnote
Adjudication proceedings disposed of on settlement basis
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 12(1)
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 201
- Reg. 3(1)
- Reg. 12(2)
Parties
- Mr. V P Nandakumar
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. V P Nandakumar (“applicant”) was the MD and CEO of MFL had failed to supervise the implementation of the code of conduct in violation of regulation 12(1) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (“PIT Regulations”) read with clause 1.2 of the code of conduct specified under Part B of Schedule I read with regulation 12(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations 2015”).
Page 3 of 3 8, 2020 and the same was communicated by SEBI to the Noticee vide email dated June 10, 2020. Accordingly, the applicant, vide letter dated June 23, 2020 have submitted demand draft no. 053947 dated June 23, 2020 drawn on Axis Bank for an amount of ₹15,48,000/-(Rupees Fifteen Lakh and Forty Eight 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 section 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/2020-21/8232. 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.