sebi:PB/AO-16/2011
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Facts / Headnote
Violation of regulation 3(i) of the PIT Regulations established; monetary penalty of Rs. 50,000 imposed under section 15G(ii) of the SEBI Act.
Provisions invoked
- s. 15
- s. 15G
- s. 15J
- s. 307
- s. 2(13)
- s. 3(42)
- s. 307(10)
Regulations
- Reg. 2
- Reg. 3(i)
- Reg. 2(c)
- Reg. 2(e)
- Reg. 2(k)
- Reg. 2(h)
Parties
- Neeraj Jain
Holding
The Noticee, being the son-in-law of the managing director, was a deemed connected person and an insider who dealt in securities while in possession of unpublished price sensitive information, violating regulation 3(i) of the PIT Regulations. A monetary penalty of Rs. 50,000 was imposed under section 15G(ii) of the SEBI Act.
Full text
Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer vide order dated March 23, 2010 under section 15 I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing
Page 3 of 13 of personal hearing on February 21, 2011 vide notice dated February 04, 2011. 8. The AR appeared for the hearing. During the course of the hearing, the AR denied the allegations made against the Noticee. The AR inter- alia stated that: 1) “The annual results of December 2006 were published in May 2007 the following information came in public domain: (a) Several cost-cutting measures to be introduced in the STTP plant of the company and the appropriate measures to be taken in the best interests of the Company. (b) Four –fold expansion of its capacity for the manufacture of surfactants at Roha
Page 4 of 13 c. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:PB/AO-16/2011. 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.