sebi:PB/AO-35/2010
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Facts / Headnote
No violation established; matter disposed of without penalty
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 6
- Reg. 13(4)
Holding
The alleged inconsistency in company stamps on copies of Form D disclosures and the alleged violation of regulations 13(4) and 13(5) of the PIT Regulations does not stand established, and the matter is accordingly disposed of without penalty.
Full text
Page 2 of 8 to as “PIT Regulations”) and consequently, liable for monetary penalty under section 15A (b) of the SEBI Act.
Page 3 of 8 time of about a fortnight to furnish her reply. The Noticee replied vide letter dated April 15, 2010 and April 26, 2010 wherein the Noticee denied the allegations made against her. The Noticee in her reply inter- alia stated the following: “I had sold 15,730 shares I held in the company between 23.08.2007 to 08.11.2007, filing declarations in Form D as and when the shares were sold. Copies of these declarations were filed with Bombay Stock Exchange and SEBI at different points of time by OSIL, in which discrepancies were stated to have been noticed by SEBI. I have ceased to be a Director of the Company with effect from March 2009 and therefore I had written to OSIL to explain to me the reasons for the discrepancies as pointed out by you. From the details I received from OSIL, it appears that:
Page 4 of 8 appreciate that the distinction shown in the manner of receipt earlier without the company stamp and later after stamp had been affixed by the company, cannot constitute a violation u/s 13(4) or 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 by me. This was entirely as per internal practice of the company.”
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Source: SecMarx — sebi:PB/AO-35/2010. 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.