sebi:RKN/AO-3/2009
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Facts / Headnote
Penalty of Rs.10,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 11(2)
- s. 15J
Regulations
- Reg. 13(4)
- Reg. 8(1)
Parties
- Kashmir Chand
Holding
The noticee, a director of SIL, violated Regulation 13(4) read with 13(5) of PIT by failing to disclose the January 25, 2006 transfer of 60,100 shares to SIL within 4 days. A monetary penalty of Rs.10,000 under Section 15A(b) of the SEBI Act, 1992 was imposed on Mr. Kashmir Chand.
Full text
Page 2 of 12 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 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 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-3/2009. 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.