sebi:SO/EFD-2/SD/275/MAR/2019
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Facts / Headnote
Settlement of pending proceedings under Section 11B read with Section 11(4) of the SEBI Act, 1992 and adjudication proceedings, subject to monetary and non-monetary settlement terms including one-year voluntary debarment.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 15J
Regulations
- Reg. 12(1)
- Reg. 25
- Reg. 3(i)
- Reg. 34
- Reg. 23
Parties
- Mr. Rajat Narain
- Ms. Amla Narain
Holding
The applicants' settlement applications were accepted and the pending proceedings against them for alleged insider trading in CRISIL Limited shares were settled on payment of settlement charges of ₹80,78,197, disgorgement of unlawful gains of ₹30,14,217 with interest at 12% per annum, and voluntary debarment from the securities market for one year.
Full text
Settlement Order in the matter of CRISIL Limited Page 1 of 4 SO/EFD-2/SD/275/MAR/2019 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Settlement Order in the matter of CRISIL Limited Page 2 of 4 shares of CRISIL Limited during May 2013. During the course of investigation, the applicant namely Mr. Rajat Narain had admitted that he had handled the trading account of Ms. Amla Narain. The investigation also observed that while trading in the scrip of CRISIL Limited during the UPSI period, Ms. Amla Narain had made a profit of `30,14,217.
Settlement Order in the matter of CRISIL Limited Page 3 of 4 of time for complying with the settlement terms. 7. Thereafter, the applicants vide letter dated March 08, 2019, have submitted the demand draft bearing number 713214 dated March 08, 2019, drawn on IndusInd Bank remitting `80,78,197 (Rupees Eighty Lakh Seventy Eight Thousand One Hundred Ninety Seven only) towards the settlement charges. The applicants have also remitted `30,14,217 (Rupees Thirty Lakh Fourteen Thousand Two Hundred Seventeen only) towards
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Source: SecMarx — sebi:SO/EFD-2/SD/275/MAR/2019. 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.