sebi:RA/CB/269/2017
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Facts / Headnote
Violation established; penalty of Rs.3,00,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15F
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(6)
Parties
- Eduexel Infotainment Limited
Holding
The Noticee violated Regulation 13(6) of the PIT Regulations by disclosing to BSE with a delay of 257 days information received under Regulation 13(3) from Mr. Vinod Dugar, and was held liable to a monetary penalty of Rs.3,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Eduexel Infotainment Limited Page 2 of 9 SHOW CAUSE NOTICE, REPLY AND HEARING 3. Show Cause Notice No. SEBI/HO/EAD/EAD6/OW/P/2017/16546/1 dated July 17, 2017 (hereinafter be referred to as, the “SCN”) was served upon the Noticee by way of speed post under Rule 4(1) of the Adjudication Rules to show cause as to why an inquiry should not be held and penalty be not imposed against it under Section 15A (b) of the SEBI Act for the aforesaid alleged violations of the PIT Regulations.
Adjudication Order in the matter of Eduexel Infotainment Limited Page 3 of 9 submitted the received disclosure to the BSE under Regulation 13(6) of the PIT Regulations. d. Similarly, SEBI, under investigation, sought confirmation of the BSE on receipt of disclosures vide e-mail dated May 13, 2015. Vide its e-mail dated May 18, 2015, the BSE confirmed that no disclosures in relation to reduction of shareholding of Mr. Vinod Dugar in the shares of the Company / Noticee were filed with the BSE. e. However, it was observed that the Noticee filed disclosures under Regulation 13(6) of the aforesaid transactions to the BSE on May 19, 2015. f. In view of the above, it was alleged that the aforesaid delay in disclosure by the Noticee was in violation of Regulation 13(6) of the PIT Regulations, text of which is mentioned as below: PIT Regulations:
Adjudication Order in the matter of Eduexel Infotainment Limited Page 4 of 9 the aforesaid notice dated August 09, 2017. The Noticee was also advised to appear for personal hearing on September 11, 2017. The Noticee, vide letter dated September 08, 2017, confirmed receipt of notice dated August 09, 2017 and sought extension of four weeks.
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Source: SecMarx — sebi:RA/CB/269/2017. 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.