sebi:PG/AO-113/2011
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Facts / Headnote
Penalty of Rs. 3,50,000 imposed under Section 15A(a) of the SEBI Act for violation of Section 11C(2), (3) and (5)
Provisions invoked
- s. 11B
- s. 24
- s. 15A
- s. 15
- s. 12
- s. 15I
- s. 15J
- s. 15H
- s. 11C(6)
- s. 11C
- s. 11C(2)
Regulations
- Reg. 13
- Reg. 199
- Reg. 6
Parties
- Chandrakant Keru Shinde
- Shri Rakesh Singhvi
Holding
The Noticee violated Section 11C(2), (3) and (5) of the SEBI Act by furnishing vague, incomplete and misleading replies and by failing to appear personally before the Investigating Authority, and is therefore liable to monetary penalty under Section 15A(a).
Full text
Page 2 of 18 entities had transferred / received shares in off market transactions. In all, 70,78,108 shares have been transacted off-market amongst the entities in question. Chandrakant Keru Shinde (“RS/Noticee”) was also one of the entities who had undertaken off market transfer in the shares of IPSE.
Page 3 of 18 imposed under section 15 A (a) of SEBI Act for the alleged violations specified in the said SCN. The Noticee vide his letter dated July 18, 2011 sought extension for filing the reply. Subsequently the Noticee submitted his reply vide letter dated August 2, 2011. The Noticee’s main submissions in respect of the
Page 4 of 18 • No adjudication can be conducted for non compliance of summons under Sec. 11C as Sec. 11C(6) of the SEBI Act, 1992 prescribes penalty for non compliance of summons.
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Source: SecMarx — sebi:PG/AO-113/2011. 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.