sebi:PB/AO-106/2010
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Facts / Headnote
Violation established; monetary penalty of Rs. 25,000 imposed
Provisions invoked
- s. 13
- s. 18
- s. 23
- s. 23H
- s. 23J
- s. 2(4)
Holding
The Noticee's off-market purchase of 5,000 shares on January 25, 2005 violated section 2(i)(a) read with section 13 of SCRA and was illegal, void and a nullity. The Noticee was held liable under section 23H of SCRA and a monetary penalty of Rs. 25,000 was imposed.
Full text
Page 2 of 18 (Regulation) Act, 1956 (hereinafter referred to as “SCRA”). It was alleged that the Noticee had violated the provisions of the said sections and therefore, liable for monetary penalty under section 23H of SCRA.
Page 3 of 18 6. Subsequent to my appointment, a press notification was issued in the English national daily “Hindustan Times” as well as in local newspaper “Sakal” published in Marathi on April 10, 2010 about the SCN requiring the Noticee or his authorized representative to collect the SCN from the office of 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 did 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 on April 13, 2010. However, I find that Noticee neither collected the SCN nor replied to the SCN.
Page 4 of 18 9. As stated above, a copy of SCN was uploaded on SEBI website on April 13, 2010 bearing reference no. EAD/PB/SS/OW/1163/2010. With reference to it, the Noticee replied vide letter dated May 31, 2010, citing a new address and inter-alia stated:
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Source: SecMarx — sebi:PB/AO-106/2010. 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.