sebi:SRP/DL/AO-94/2010
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Facts / Headnote
Penalty imposed on the Noticee for failure to make required disclosures to stock exchanges under PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 13
- Reg. 13(4)
- Reg. 13(5)
Parties
- Ashok Doshi
Holding
The Noticee, as Managing Director, violated regulation 13(4) read with 13(5) of the PIT Regulations by failing to make required disclosures to the stock exchanges (NSE and BSE) within the prescribed time regarding acquisition of shares, and is liable for penalty under section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 3. Vide letter dated December 24, 2009 the Noticee informed SEBI that he had made the required disclosures to the Company in the prescribed form under regulation 13(4) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘PIT Regulations’) on September 30, 2009. As regards the disclosures to the stock exchanges, NSE and BSE have stated vide their communication to SEBI dated November 10, 2009 and November 30, 2009 respectively, that the Noticee has not made the required disclosures under PIT Regulations to them regarding the aforesaid acquisition within the prescribed time.
Page 3 of 8 the Noticee and made his written and oral submissions. Written submissions were made vide letter dated June 28, 2010. He also provided the documents/enclosures referred therein, including a copy of earlier submissions of the Noticee to SEBI dated December 24, 2009. Oral submissions made by him were duly recorded.
Page 4 of 8 13. Disclosure of interest or holding by directors and officers and substantial shareholders in listed companies
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Source: SecMarx — sebi:SRP/DL/AO-94/2010. 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.