sebi:RA/JP/112/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 29(1)
- Reg. 29(2)
- Reg. 29
- Reg. 07
Holding
The Noticee violated regulation 13(1), 13(3) read with 13(5) of PIT Regulations and regulation 29(1), 29(2) read with 29(3) of SAST Regulations and is liable under section 15A(b) of the SEBI Act. A total penalty of Rs.10,00,000 (Rs.6,00,000 plus Rs.4,00,000) was imposed.
Full text
Page 2 of 12 Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) vide order dated January 29, 2016, to inquire into and adjudge under section 15A(b) of the SEBI Act, the violations of regulation 13 (1), 13(3) read with 13(5) of PIT Regulations and regulation 29 (1), 29(2) read with 29(3) of SAST Regulations, alleged to have been committed by the Noticee.
Page 3 of 12 Date Market Off Market Net Cumulati ve Actual (%) Violations Buy Sell Credit Debit 27-Mar-12 1,55,400 0 0 0 1,55,400 1,55,400 3.05 N.A. 09-Apr-12 0 0 0 1,55,400 -1,55,400 0 0.00 19-Apr-12 0 0 1,50,000 1,50,000 0 0 0.00 02-May-12 80,000 0 0 0 80,000 80,000 1.57 03-May-12 85,000 0 0 0 85,000 1,65,000 3.24 04-May-12 1,30,000 0 0 0 1,30,000 2,95,000 5.79 No disclosure made to company under 13(1) of PIT Regulations.
Page 4 of 12 7. Further, it was revealed that upon such crossing of 5% (i.e. 5.79%) shares on May 04, 2012 and further change of its shareholding in the Company of 2% or more on May 14, 2012, the Noticee was also required under regulation 13(1) and 13(3) read with 13(5) of PIT Regulations, to make disclosures to the Company, however, it had allegedly failed to make such disclosures. Trading details done by the Noticee was enclosed as Annexure II along with SCN.
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:RA/JP/112/2017. 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.