sebi:PKK/AO/137/2011
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Facts / Headnote
Alleged violations held not established; matter disposed of without penalty
Provisions invoked
- s. 15A
- s. 15
- s. 15I
Regulations
- Reg. 7
- Reg. 13
- Reg. 11
- Reg. 13(5)
Holding
The alleged violations of Regulation 13(3) of the Insider Trading Regulations and Regulation 7(1A) of the SAST Regulations against the Noticee do not stand established and the matter is disposed of.
Full text
Page 2 of 7 Regulation 13 (3) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘Insider Trading Regulations) and Regulation 7(1A) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as the ‘SAST Regulations’).
Page 3 of 7 5. The SCN was sent to the Noticee through ‘Registered Post with A/d’ and the same was duly delivered. The Noticee replied to the SCN vide letter dated May 26, 2011. The undersigned decided to conduct an inquiry in this matter and accordingly granted an opportunity of personal hearing to the Noticee on July 27, 2011 vide letter dated July 15, 2011. The Noticee’s authorised representative attended the said personal hearing.
Page 4 of 7 change results in shareholding falling below 5%, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company. SAST Regulations 7. (1A) Any acquirer who has acquired shares or voting rights of a company under sub-regulation (1) of regulation 11, shall disclose purchase or sale aggregating two per cent or more of the share capital of the target company to the target company, and the stock exchanges where shares of the target company are listed within two days of such purchase or sale along with the aggregate shareholding after such acquisition or sale.
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Source: SecMarx — sebi:PKK/AO/137/2011. 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.