sebi:RKN/AO-1/2009
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Facts / Headnote
Penalty of Rs.2,00,000 imposed under Section 15A(b) of SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 11(2)
- s. 15J
Regulations
- Reg. 13(4)
- Reg. 8(1)
Parties
- Mr. Anil Nibber
Holding
Mr. Anil Nibber, director of SIL, violated Regulation 13(4) read with 13(5) of PIT by failing to disclose the February 16, 2006 transfer of 4,50,000 shares to SIL within 4 days. A monetary penalty of Rs.2,00,000 under Section 15A(b) of the SEBI Act, 1992 was imposed on him.
Full text
Page 2 of 12 after reporting profit in the first three quarters of financial year 2005-06. The price of SIL scrip fell from a high of Rs. 3.99 on February 17, 2006 to Rs. 1.00 on July 25, 2006 in BSE, subsequent to the announcement of its results.
Page 3 of 12 scheme of the Board. In response, the noticee, vide letter dated February 25, 2009, sought 15 days additional time to file his reply as he was going out of station for business work. The noticee was granted time till March 12, 2009 to file his reply to the SCN, vide letter dated March 06, 2009.
Page 4 of 12 (LA), SIL had disclosed the aforesaid change in the shareholding of its directors and documents to evidence the same were enclosed vide annexure – 3. d. The change in shareholding was also disclosed by noticee to SIL and in turn by SIL to the Stock Exchanges under Regulations 8(1) and 8(3) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, respectively and documents to evidence the same were enclosed vide annexure – 4. e. Given the small volume of the shares in the impugned transaction both in relation to the size of SIL’s equity and the volume of the scrip traded in BSE, and given the paucity in availability of experienced professionals for regulatory compliance in the remote location of SIL, the noticee sought condoning of any possible unintentional lapse. f. The noticee sought permission of the Adjudicating Officer for applying for the Consent order scheme of the Board.
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Source: SecMarx — sebi:RKN/AO-1/2009. 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.