sebi:SO/VV/NK/2020-21/6153
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Facts / Headnote
Settlement order disposing of adjudication proceedings initiated vide Show Cause Notice SEBI/HO/EAD-3/JS/DJ/OW/P/13577/1/2019 dated May 29, 2019, on payment of Rs. 1,37,70,000/-
Provisions invoked
- s. 12A
Regulations
- Reg. 17
- Reg. 3
- Reg. 15(1)
- Reg. 3(d)
- Reg. 12(1)(e)
Parties
- Saurabh Mukherjea
Holding
SEBI approved the settlement of proceedings against Saurabh Mukherjea for alleged insider trading and fraudulent practices in the scrip of Mannapuram Finance Limited, on payment of Rs. 1,37,70,000/-, without admission or denial of the findings of fact and conclusions of law.
Full text
Settlement Order in respect of Saurabh Mukherjea in the matter of Investigation in the Scrip of Mannapuram Finance Limited
Settlement Order in respect of Saurabh Mukherjea in the matter of Investigation in the Scrip of Mannapuram Finance Limited
Page 2 of 3 Applicant. The SCN stated that MFL in its minutes of the Board meeting held on March 13, 2013 has recorded that " ......there was a probability that the company may have to report negative profit for the quarter ended 31st March 2013 contrary to the expectations of stakeholders. Management said that it would seek professional advice as to what needs to be done in this regard towards making appropriate disclosures to all the stake holders." Therefore, the information of negative profit for the 4th quarter of FY2012-13 is deemed to be the price sensitive information. Further, when the information was made public, the price of the scrip declined by 14.25% on March 20, 2013. MFL announced its financial results for the quarter ended March 31, 2013 on May 15, 2013 at 17:45 hrs. On May 16, 2013 the price of the scrip on the BSE fell from a closing price of Rs.16.00 on 15/05/2013 to a closing price of Rs.15.00 on 16/05/2013 (i.e. a decrease of 6.25%) 3. Mr. Saurabh Mukherjea of Ambit Capital Private Limited (Ambit) in its meeting dated March 18, 2013 with Mr. I. Unnikrishnan and Mr. Sachin Agrawal of MFL procured the UPSI and communicated the said UPSI through research report in violation of Section 12A(d) and 12A(e) of SEBI Act, 1992 read with Regulation 3(ii) of SEBI (PIT) Regulations,
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