sebi:VSS/AO-197/2009
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Facts / Headnote
Violation of regulations 13(3) and 13(5) of PIT held established; monetary penalty of Rs.2,00,000 imposed under section 15A(b); no liability under regulation 10 of SAST / section 15H(ii)
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 187C
- s. 187
Regulations
- Reg. 7(1)
- Reg. 3
- Reg. 10
- Reg. 13(1)
- Reg. 13(3)
- Reg. 3(1)
Holding
The Noticee was exempt from regulation 10 of SAST and had complied with regulation 7(1) read with 7(2) of SAST which was treated as deemed compliance with regulation 13(1) of PIT, but had violated regulations 13(3) and 13(5) of PIT, for which a monetary penalty of Rs.2,00,000 under section 15A(b) of the SEBI Act was imposed.
Full text
Page 2 of 12 Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’). APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 12 opportunity of personal hearing on January 20, 2009, vide notice dated December 31, 2008 through ASE. The said hearing notice was received and acknowledged by the Noticee as per the communication of ASE dated January 21, 2009. The Noticee vide his reply dated January 07, 2009 to the hearing notice that he has already applied for the consent and keep the proceedings in abeyance till the outcome of the consent proceedings. SEBI vide its communication dated May 13, 2009 informed me that the consent application of the Noticee has been rejected and requested to restart the proceedings.
Page 4 of 12 b. Does the non-compliance, if any, attract monetary penalty under section 15H (ii) of SEBI Act? c. Whether the Noticee attracted the disclosure requirements under regulations 7(1) read with 7(2) of SAST and if so, whether complied or not? d. Whether the Noticee attracted the disclosure requirements under regulation 13(1), 13(3) and 13(5) of PIT and if so, whether complied or not? e. Does the non-compliance with the disclosure requirements, if any, attract monetary penalty under section 15A (b) of SEBI Act? f. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:VSS/AO-197/2009. 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.