sebi:RA/DPS/307/2018
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Facts / Headnote
Violations established against both Noticees under Regulation 3(i) of PIT Regulations r/w regulation 12(2) of SEBI (PIT) Regulations, 2015; Noticee No. 1 additionally found in violation of clauses 3.2-2 & 3.2-5 of Model Code of Conduct under regulation 12(1) of PIT Regulations, 1992 r/w regulation 12(2) of SEBI (PIT) Regulations, 2015; penalties imposed under sections 15G and 15HB of SEBI Act
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15G
- s. 15J
- s. 307
- s. 15A
- s. 15F
- s. 4A
- s. 307o
Regulations
- Reg. 12(1)
- Reg. 199
- Reg. 2
- Reg. 3
- Reg. 3(i)
- Reg. 2(c)
- Reg. 2(e)
- Reg. 2(h)
- Reg. 201
- Reg. 12(2)
- Reg. 2(i)
Parties
- Chetan S Kothari
- Chetana Kothari
Holding
Both Noticees, Chetan S Kothari (Promoter/Director of Tricom Fruit Products Ltd) and Chetana Kothari (his wife), were held liable for insider trading by trading in TFPL shares on 13-Aug-2012 during the UPSI period for quarterly results of quarter ending June 30, 2012 (UPSI from 3-Aug-2012 to 14-Aug-2012), in violation of Regulation 3(i) of PIT Regulations. Noticee No. 1 was additionally held liable for trading during the trading window closure period in violation of clauses 3.2-2 & 3.2-5 of the Model Code of Conduct.
Full text
Adjudication Order in respect of i) Chetan S Kothari and ii) Chetana Kothari Page 2 of 29 Regulations, 1992 r/w regulation 12(2) of SEBI (PIT) Regulations,
Adjudication Order in respect of i) Chetan S Kothari and ii) Chetana Kothari Page 3 of 29 5. During examination, it was observed the chronology of events, finally leading to the official announcement of quarterly results of quarter ending June 30, 2012 to the market as provided by company vide letter dated July 10, 2015 (Copy of the company letter dated July 10, 2015 was provided as Annexure-2 of SCN) is as follows: Sr. No. Nature of events Time Date Persons Involved 1 Preparation of Financial Results
Adjudication Order in respect of i) Chetan S Kothari and ii) Chetana Kothari Page 4 of 29 Reg. 2(ha) “price sensitive information” means any information which relates directly or indirectly to a company and which if published is likely to materially affect the price of securities of company. Explanation.—the following shall be deemed to be price sensitive information:— (i) Periodical financial results of the company; . .
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Source: SecMarx — sebi:RA/DPS/307/2018. 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.