sebi:PB/AO-02/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Monetary penalty of Rs. 50,000 imposed under section 15A(b) of the SEBI Act for violation of regulation 13(1) of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(1)
- Reg. 13(6)
Holding
The Noticee violated regulation 13(1) of the PIT Regulations by failing to disclose to the company within four working days its acquisition crossing the 5% threshold in AVCL, and was therefore liable for monetary penalty under section 15A(b) of the SEBI Act.
Full text
Page 2 of 9 consequently, liable for monetary penalty under section 15A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 9 Adjudicating Officer. It was also mentioned in the said notification that if the Noticee failed to reply to the SCN within 14 days from the date of publication, it shall be presumed that the Noticee does not have any reply to submit and the matter would be further proceeded ex-parte. The press notification was issued as a substitute service, for the Noticee. The copy of SCN was also uploaded on SEBI website i.e. www.sebi.gov.in. However, I find that Noticee neither collected SCN nor replied to the SCN.
Page 4 of 9 failed to avail of the same. I am, therefore, compelled to proceed with the matter ex-parte based on the material available on record.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:PB/AO-02/2012. 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.