sebi:SO/BD/AA/2020-21/6250
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Facts / Headnote
Adjudication proceedings disposed of pursuant to settlement
Provisions invoked
- s. 15
- s. 12A
- s. 15I
- s. 15G
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 3(1)
Holding
The adjudication proceedings initiated against the Applicant for alleged violation of Regulation 3(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and Sections 12A(d) and (e) of the SEBI Act, 1992 were disposed of pursuant to settlement upon payment of Rs. 27,89,063/- as settlement charges.
Full text
Page 2 of 4 c) The Applicant was working as a research analyst and as part of his job he was required to attend the quarterly conference calls, analyze the results and prepare research reports. Ms. Shurti Vora was a colleague of the Applicant working in institutional equity sales team of Antique Stock Broking. d) The financial figures of Wipro communicated on WhatsApp, before the disclosure of same on the stock exchanges by Wipro, were within a range of 0.03% to 0.47% of the actuals. e) In view of the above, it was observed that the above information falls under the category of Unpublished Price Sensitive Information (‘UPSI’) and the disclosure of the same by the Applicant in WhatsApp message resulted in the violation of Regulation 3(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and Section 12A(d) and (e) of the SEBI Act, 1992.
Page 3 of 4 4. The Applicant, vide application filed on May 18, 2020, proposed to SEBI to settle the instant proceedings, without admitting or denying the findings of fact and conclusions of law, through a settlement order and filed settlement application bearing reference no. 4136/2020 with SEBI in terms of Regulations 3(1) and 3(2) of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2018 (hereinafter referred to as 'Settlement Regulations').
Page 4 of 4 8. This order shall come into force with immediate effect. Further, in terms of Regulation 28 of the Settlement Regulations, this order is without prejudice to the right of SEBI to take any enforcement action including restoring or initiating the proceedings in respect to which this settlement order is passed, if: (i) any representation made by the Applicant in the settlement proceedings are subsequently discovered to be untrue; or (ii) the Applicant breaches any of the clauses/conditions of undertakings/ waivers filed during the current settlement proceedings.
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Source: SecMarx — sebi:SO/BD/AA/2020-21/6250. 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.