sebi:Order/VV/PS/2022-23/25496

SEBI · SEBI · 2022-08-04 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of as infructuous without going into merits following settlement

Provisions invoked

• s. 15

Regulations

• Reg. 3(a)

Parties

• Sital
• Torner

Holding

The adjudication proceedings initiated against Torner vide SCN dated January 12, 2023 are disposed of without going into the merits as the SCN has become infructuous.

Full text

Adjudication Order in the matter of Illiquid Stock Options at BSE Page 2 of 3 provisions of Regulation 3(a), (b), (c), (d) and 4(1) and 4(2)(a) of the PFUTP Regulations.

Adjudication Order in the matter of Illiquid Stock Options at BSE Page 3 of 3

3. In this connection, the undersigned was appointed as Adjudicating Officer under Section 15-I of the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) to inquire into and adjudge under Rule 5 of the Adjudication Rules, the alleged violations by the Sital and, accordingly, show cause notice dated August 4, 2022 was issued to Sital. Vide email dated December 23, 2022, Noticee Torner informed the Undersigned that Sital had amalgamated with the Noticee Company Torner with effect from April 1,

Source: SecMarx — sebi:Order/VV/PS/2022-23/25496. 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.