sebi:PKK/AO/230/2010
Facts / Headnote
Allegations not established; matter disposed of
Provisions invoked
- s. 15
- s. 15I
- s. 15A
Regulations relied on
- SEBI (PIT) Regulations, 1992 — 13(1)
- SEBI (PIT) Regulations, 1992 — 13(5)
- SEBI (SAST) Regulations, 1997 — 7(1)
- SEBI (SAST) Regulations, 1997 — 7(2)
Parties
- Shri Nishit B. Mehta
Holding
The allegations against Shri Nishit B. Mehta of violation of Regulation 7(1) read with Regulation 7(2) of SAST Regulations and Regulation 13(1) and 13(3) read with Regulation 13(5) of the Insider Trading Regulations do not stand established and the matter is accordingly disposed of.
Full text
Page 2 of 6 of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘Insider Trading Regulations’). 3. SEBI has therefore, initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘Act’) against the Noticee to inquire into and adjudge the alleged violations of the provisions of Regulation 7 (1) read with Regulation 7 (2) of SAST Regulations and Regulation 13 (1) & 13 (3) read with Regulation 13 (5) of the Insider Trading Regulations.
Page 3 of 6 6. The allegation against the Noticee is that his total shareholding in the SCCL was 6.90% of the total paid-up capital as on March 05, 2005 which was later reduced to nil as on March 14, 2005. The Noticee did not make disclosures as required under Regulation 7 (1) read with Regulation 7 (2) of SAST Regulations and Regulation 13 (1) & 13 (3) read with Regulation 13 (5) of the Insider Trading Regulations.
Page 4 of 6 9. In view of the above, I am proceeding with the matter on the basis of the oral submissions made at the time of personal hearing, his subsequent written submissions and the documents and materials as available on record.
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Source: SecMarx — sebi:PKK/AO/230/2010. 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.