sebi:SO/SBM/KL/2021-22/6262
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Facts / Headnote
Adjudication proceedings disposed of by settlement on payment of settlement amount without admitting or denying findings
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
- Reg. 9(1)
Parties
- Mr. Vipul Thakkar
Holding
The adjudication proceedings initiated against Mr. Vipul Thakkar vide SCN ref.no. SEBI/EAD1/SBM/KL/20254/2020 dated November 23, 2020 are disposed of by settlement on payment of Rs. 12,75,000 without admitting or denying findings of fact and conclusions of law.
Full text
Page 2 of 4 a) Bliss GVS Pharma Limited (BGPL) made a corporate announcement to the stock exchanges (Bombay stock exchange and National stock exchange) on July 02, 2015 titled ‘Bliss GVS Pharma entry into Managed Healthcare Services in Africa’ wherein it was mentioned that Bliss GVS Healthcare Limited (BGHL), a subsidiary of BGPL won USD 35 million contract for providing medical healthcare services in Kenya. It is observed that the information in the aforesaid corporate announcement was considered as Price Sensitive Information and it came into existence on the evening of June 25, 2015 i.e. the date when the applicant who was the director on the Board of BGHL and also the compliance officer of BGPL, were informed about the PSI. The period of the UPSI was from June 25, 2015 to July 02, 2015. b) In view of the above, the applicant who was also the compliance officer of the company was mandated to close the trading window during the UPSI period as per the provisions of PIT Regulations. However, it is alleged that the applicant failed to do so. c) Therefore, it is alleged that the applicant has violated Clause 4 of the Minimum Standards for Code of Conduct to Regulate, Monitor and Report Trading by Insiders as specified in Schedule B r/w Regulation 9(1) and 9(3) of the PIT Regulations.
Page 3 of 4 proposed to pay the amount of Rs. 12,75,000/- (Rupees Twelve Lakh Seventy-Five Thousand only) towards full and final settlement of all regulatory, civil or criminal proceedings in relation to the facts contained in the SCN without admitting or denying any violation on his part.
Page 4 of 4 b. 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/SBM/KL/2021-22/6262. 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.