sebi:SD/AO/163/2009
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Facts / Headnote
Monetary penalty of Rs.40,000 imposed on Shri Ashish K. Shah under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 13
- Reg. 10
- Reg. 44
Parties
- Shri Ashish K. Shah
Holding
The Noticee violated Regulation 7(1) read with Regulation 7(2) of the SAST Regulations and Regulations 13(1) and 13(3) read with Regulation 13(5) of the Insider Trading Regulations by failing to make required disclosures, and is liable for monetary penalty under Section 15A(b) of the SEBI Act. A monetary penalty of Rs.40,000 was imposed on Shri Ashish K. Shah.
Full text
Page 2 of 11 2 APPOINTMENT OF ADJUDICATING OFFICER: 2. Pursuant to the said investigation, the undersigned was appointed as the Adjudicating Officer vide Order of SEBI dated May 15, 2008 under section 15-I of the SEBI Act, 1992 (hereinafter referred to as the ‘SEBI Act’) read with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act, the alleged violation of Regulation 7 (1) read with Regulation 7 (2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as ‘SAST Regulations’) and Regulations 13 (1) & 13 (3) read with Regulation 13 (5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as the ‘Insider Trading Regulations’) by inter alia Shri Ashish K. Shah.
Page 3 of 11 3 hearing before me on December 03, 2009 at WRO, SEBI, Ahmedabad. The Noticee attended the said hearing. CONSIDERATION OF ISSUES AND FINDINGS:
Page 4 of 11 4 7. (1) Any acquirer, who acquires shares or voting rights which (taken together with shares or voting rights, if any, held by him) would entitle him to more than five per cent or ten per cent or fourteen per cent shares or voting rights in a company, in any manner whatsoever, shall disclose at every stage the aggregate of his shareholding or voting rights in that company to the company and to the stock exchanges where shares of the target company are listed. (2) The disclosures mentioned in sub-regulations (1) and (1A) shall be made within two days of,—
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Source: SecMarx — sebi:SD/AO/163/2009. 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.