sebi:VSS/AO-26/2009
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Facts / Headnote
Violation established; monetary penalty of Rs.2,00,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(3)
- Reg. 13(5)
- Reg. 13(1)
Parties
- RFL
- RFPL
Holding
The Noticee violated regulation 13(3) read with regulation 13(5) of SEBI (PIT) by failing to disclose sale of 37,32,400 shares of IECL and was held liable to a monetary penalty of Rs.2,00,000 under section 15A(b) of the SEBI Act.
Full text
Page 2 of 9 (PIT)”). It was alleged that the Noticee had violated the provisions of the said regulations and therefore, liable for monetary penalty under section 15A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’).
Page 3 of 9 7. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on November 21, 2008 vide notice dated October 24, 2008. Ms. Bharati Daga appeared on behalf of the Noticee and submitted, inter alia, as under:
Page 4 of 9 (iv) Does the non-compliance, if any, on the part of the Noticee attract monetary penalty under section 15A(b) of SEBI Act? (v) 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-26/2009. 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.