sebi:PG/AB/AO-16/2012
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Facts / Headnote
Noticee found liable for violations of Section 11C of SEBI Act and Sections 13, 18 read with Section 2(i) of SCR Act; penalty imposed (amount not specified in text)
Provisions invoked
- s. 11B
- s. 24
- s. 15A
- s. 15
- s. 12
- s. 13
- s. 15I
- s. 15J
- s. 15H
- s. 11C(6)
- s. 11C
- s. 11C(2)
- s. 23I
- s. 23J
- s. 23
- s. 23H
- s. 17
- s. 18(1)
Regulations
- Reg. 13
- Reg. 199
- Reg. 6
Parties
- Kishor Balubhai Chauhan
Holding
The Noticee was held liable for non-compliance with summons under Section 11C of the SEBI Act and for entering into off-market transactions in violation of Sections 13 and 18 read with Section 2(i) of the SCR Act, and was subjected to penalty.
Full text
Adjudication Order in respect of Kishor Balubhai Chauhan in the matter of Indo-Pacific Software and Entertainment Ltd. Page 2 of 31 development of multiplexes etc. SEBI had conducted an investigation into the dealing in the shares of IPSE during 2007.
Adjudication Order in respect of Kishor Balubhai Chauhan in the matter of Indo-Pacific Software and Entertainment Ltd. Page 3 of 31 (“SCR Act”) and was liable for penalty under Section 23H of SCR Act.
Adjudication Order in respect of Kishor Balubhai Chauhan in the matter of Indo-Pacific Software and Entertainment Ltd. Page 4 of 31 • The transfers executed by the Noticee were off market transfers and have in no way affected the price and volume of the scrip. • The adjudicating officer has no jurisdiction for adjudging a case for violation of SCR Act as he has not been appointed under SCR Rules and hence the SCN is not valid. • The investigation period of the matter is from February 5, 2007 to August 30, 2007 while the observations relating to off market transaction ranges beyond the investigation period. Thus, the investigation has been carried beyond the investigation period and would be void. • Since the shares have been transferred in electronic mode, Sec. 2(i)(a) of the SCR Act is not applicable on the transaction. • The Noticee had complied with summons dated January 8, 2010 by submitting all the requisite information by letter dated January 16, 2010 • The Summons dated June 17, 2010 was received by the Noticee asking him to appear before the Investigating Authority (IA) and he replied to said summons stating that all the information has been submitted through his previous letter and 30 days time was required to compile all the data and documents. • The summons dated June 17, 2010 and reminder dated July 09, 2010 asking the Noticee to appear before the IA were without any reason and was against the principles laid down by Code of Civil Procedure, 1908. • The purpose of
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Source: SecMarx — sebi:PG/AB/AO-16/2012. 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.