sebi:PM/NR/2021-22/12940
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs 2,00,000 imposed on Noticee under Section 15A(b) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
Regulations
- Reg. 13(1)
- Reg. 13(3)
- Reg. 29
- Reg. 7(1)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29(1)
- Reg. 14
Parties
- Dineshkumar Ravishankar Raval
Holding
The Noticee violated Regulations 13(1), 13(3) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992 and Regulations 29(1), 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011 by failing to disclose changes in shareholding of Aviva Industries Ltd. A penalty of Rs 2,00,000 under Section 15A(b) of SEBI Act was imposed.
Full text
Adjudication Order in respect of Dineshkumar Ravishankar Raval in the matter of Aviva Industries Ltd. Page 2 of 12 2. Pursuant to examination, SEBI initiated Adjudication Proceedings against the Noticee and appointed Shri Amit Pradhan as the Adjudicating Officer vide Order dated November 26, 2020 under Section 19 of SEBI Act read with Sub-section (1) of Section 15-I of the SEBI Act, 1992 and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “SEBI Adjudication Rules”) to inquire into and adjudge the alleged violation committed by the Noticee, under Section 15A(b) of the SEBI Act. Thereafter, the instant proceedings have been transferred to the undersigned vide Order dated June 18, 2021.
Adjudication Order in respect of Dineshkumar Ravishankar Raval in the matter of Aviva Industries Ltd. Page 3 of 12 of hearing ref. no. EAD-8/PM/NJMR/15539/2021 dated July 16, 2021 the Noticee was once again provided with final opportunity to submit his reply, if any, so as to reach the undersigned by August 4, 2021, besides providing with final opportunity of hearing through videoconference on August 6, 2021. I note that the aforementioned notice dated July 16, 2021 was received by the Noticee on July 26, 2021, yet the Noticee neither submitted his reply nor appeared for the hearing.
Adjudication Order in respect of Dineshkumar Ravishankar Raval in the matter of Aviva Industries Ltd. Page 4 of 12 CONSIDERATION OF ISSUES
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:PM/NR/2021-22/12940. 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.