sebi:SRP/DA/AO-238/2011
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Facts / Headnote
Noticee held guilty of violating regulation 3(i) of the PIT Regulations; penalty of Rs. 3,40,000 imposed under section 15G of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3
- Reg. 2
- Reg. 2(e)
- Reg. 2(h)
Parties
- Ratna Harish
Holding
The Noticee, an insider, traded in VEL shares while in possession of unpublished price sensitive information before its public disclosure on August 28, 2009, thereby violating regulation 3(i) of the PIT Regulations, and is liable to penalty under section 15G of the SEBI Act.
Full text
Page 2 of 14 unpublished price sensitive information to their family members, who thereafter, traded in the scrip and made unlawful gains.
Page 3 of 14 granted to the Noticee on August 24, 2011, which was attended by the authorized representative of the Noticee, namely Mr. Vinay Chauhan, Advocate. At the time of the hearing the Noticee also submitted her additional written submissions dated August 24, 2011 alongwith the annual report of the Company for the year 2008-09. Oral submissions made by the Noticee were recorded. Pursuant to the hearing, the Noticee filed her further written submissions dated August 27, 2011 and furnished details of VEL shares purchased by her and Mr. Anil Harish during August 2009 to April 2010.
Page 4 of 14 • The fact that the share price rose after AGM shows that the market was aware of the general order book position of the Company and that she was not in possession directly or indirectly of or privy to any unpublished price sensitive information. • Prior to August 21, 2009 her holdings in the Company were ‘nil’. She had only purchased shares and not sold any shares.
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Source: SecMarx — sebi:SRP/DA/AO-238/2011. 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.