sebi:RA/JP/257/2017
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Facts / Headnote
Violation established; penalty imposed under section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 4A
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 29(1)
- Reg. 29
- Reg. 13(5)
- Reg. 29(2)
- Reg. 201
- Reg. 29(4)
- Reg. 28(3)
Parties
- IFCI Ltd.
Holding
IFCI Ltd., as pledgee, was liable to disclose acquisitions by invocation of pledge exceeding 5% and subsequent 2% changes under regulation 29(1), 29(2) read with 29(3) of SAST Regulations and regulation 13(3) read with 13(5) of PIT Regulations, and its failure attracted penalty of Rs. 7,00,000 plus Rs. 7,00,000 under section 15A(b) of the SEBI Act.
Full text
Page 2 of 16 SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) vide order dated May 25, 2016, to inquire into and adjudge under section 15A(b) of the SEBI Act, the aforesaid violations of SAST Regulations and PIT Regulations. The proceeding of appointment of undersigned as Adjudicating Officer was communicated vide communiqué dated January 18, 2017.
Page 3 of 16 make the disclosures in terms of regulation 29(1) & 29(2) read with 29(3) of SAST Regulations and regulation 13(3) read with regulation 13(5) of PIT Regulations.
Page 4 of 16 SAST Regulations Disclosure of acquisition and disposal. 29. (1) Any acquirer who acquires shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, aggregating to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified.
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Source: SecMarx — sebi:RA/JP/257/2017. 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.