sebi:PB/AO-112/2010
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Facts / Headnote
Violation of regulation 13(6) of PIT Regulations established; monetary penalty of Rs. 20,000 imposed under section 15A(b) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 27
Regulations
- Reg. 7
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(6)
- Reg. 12(2)
Parties
- PSWML (Noticee)
Holding
The Noticee violated regulation 13(6) of the PIT Regulations by failing to disclose to BSE within five days the information received from promoter group entities on September 11, 2009, and a monetary penalty of Rs. 20,000 was imposed under section 15A(b) of the SEBI Act.
Full text
Page 2 of 14 (promoter group entity) through off market transactions on September 11, 2009 the shareholding of Pasupati Fincap Ltd increased to 4,42,120 shares (6.27% of total equity paid-up capital). Pasupati Fincap Ltd while crossing the threshold limit of 5% specified under regulation 13(1) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as “PIT Regulations”), had made the required disclosure to the company on September 11, 2009 in the prescribed format.
Page 3 of 14 APPOINTMENT OF ADJUDICATING OFFICER 5. The undersigned was appointed as Adjudicating Officer vide order dated February 15 , 2010 under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violation of provisions of the aforesaid Regulations. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 14 Noticee in para 4 of its reply dated June 22, 2010 stated that “we are not aware of any examination conducted by SEBI into the dealing in the shares of our scrip and we have not been furnished with a copy of the investigation Report relating to such purported examination or findings therein”. During the course of the hearing it was clarified to the AR that the adjudication proceedings were not pertaining to any investigation which had been conducted by SEBI regarding the movement in the scrip of PSWML.
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Source: SecMarx — sebi:PB/AO-112/2010. 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.