sebi:QJA/GR/IVD/ID15/31199/2024-25
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Provisions invoked
- s. 11(1)
- s. 12A
- s. 11
- s. 28B
- s. 11(5)
- s. 28
- s. 28B(2)
- s. 28B(1)
- s. 306
Regulations
- Reg. 4
- Reg. 4(1)
- Reg. 2(1)(d)
- Reg. 2(1)(g)
- Reg. 2(1)(n)
- Reg. 4(2)
Parties
- Krishna Shriram (son/legal heir of Late Mr. Siddharth Shriram)
Holding
The order addresses whether proceedings for insider trading and disgorgement can continue against the legal heir of a deceased person (SS) under Section 28B(2)(b) of the SEBI Act, and whether the quarterly financial results of Mawana Sugars Limited for the quarter ended September 30, 2017 constituted unpublished price sensitive information (UPSI). The adjudicating authority held that the financial results for the quarter ending September 30, 2017 were indeed price sensitive information not generally available until disclosed on December 11, 2017.
Full text
Order in the matter of Mawana Sugars Limited Page 2 of 35 3. Based on the findings of the investigation and in view of the death of SS, proceeding under Sections 11 (1), 11B (i) read with Section 28B(2)(b) of the SEBI Act was initiated against his son/legal heir namely, Mr. Krishna Shriram (hereinafter referred to as the “Noticee”).
Order in the matter of Mawana Sugars Limited Page 3 of 35 taken as October 12, 2017 (the day of commencement of audit of financial results for half year ended and quarter ended September 2017) to December 11, 2017 (till the day it was made public).
Order in the matter of Mawana Sugars Limited Page 4 of 35 12, 2017 i.e. T+1 day post declaration of financial results for quarter ending September 30, 2017 and at the average sell price of Rs.112.64.
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Source: SecMarx — sebi:QJA/GR/IVD/ID15/31199/2024-25. 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.