sebi:SD/AO/16/2010
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(3)
- Reg. 13(5)
Parties
- M/s Bobby Lease Finance Limited
Holding
The Noticee violated Regulation 13(3) read with Regulation 13(5) of the PIT Regulations by failing to make continual disclosure in Form C of changes exceeding 2% in its holding in FTEL, and is liable to a monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 10 have violated the provisions of Regulation 13(3) read with 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘PIT Regulations’) for which the adjudication proceedings has been initiated. Therefore, the Noticee is liable for monetary penalty for the alleged violations, as prescribed under section 15A(b) of the Securities and Exchange Board of India Act,1992 (hereinafter referred to as ‘SEBI Act’).
Page 3 of 10 5. Thereafter, considering the material available on record, it was decided by the undersigned to conduct an inquiry in the instant matter for which an opportunity of personal hearing was given to the Noticee. The Noticee was advised by the undersigned to appear for the personal hearing on February 22, 2010 at WRO, SEBI at Ahmedabad. The Noticee sought for an extension and requested to appear on February 24, 2010 at the SEBI WRO. The Noticee appeared before the undersigned for the personal hearing through its authorized representatives and made submissions. The submissions are discussed in the later part of the order. CONSIDERATION OF ISSUES AND FINDINGS :
Page 4 of 10 Continual disclosure - (3) Any person who holds more than 5% shares for voting rights in any listed company shall disclose to the company in Form C the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below 5%, if there has been change in such holdings from the last disclosure made under sub- regulation (1) or under this sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company (4) .… … … (5) The disclosure mentioned in sub-regulations (3) and (4) shall be made within 4 working days of :
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Source: SecMarx — sebi:SD/AO/16/2010. 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.