sebi:WTM/AB/IMD/DF3/07/2020-21
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee found to have violated Regulations 3(a) and 4(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003; monetary penalty imposed under Section 15HA of SEBI Act, 1992; direction restraining participation in securities market imposed under Section 11(1) and 11B(1) of SEBI Act, 1992
Provisions invoked
- s. 11
- s. 15
- s. 19
- s. 11(1)
- s. 11B
- s. 15H
- s. 15J
- s. 15F
- s. 15D
- s. 11B(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(a)
Parties
- Shri Sasidhar V
Holding
The Noticee, Shri Sasidhar V, Head-Customer Service of Taurus AMC, was found to have violated Regulations 3(a) and 4(1) of the PFUTP Regulations, 2003 by tampering with the Date & Time Stamp Machine (DTSM) to favour select investors in redeeming units at higher NAV prior to the markdown of BILT securities. A monetary penalty of Rs. 5,00,000 was imposed under Section 15HA of the SEBI Act, 1992, along with a direction restraining participation in the securities market.
Full text
Final Order in respect of Shri Sasidhar V Page 2 of 27 3. Copies of Applications 4.. Email dated November 21, 2017 and November 22, 2017 from Taurus Mutual Fund
Final Order in respect of Shri Sasidhar V Page 3 of 27 Taurus AMC and Trustees in meetings held on February 22, 2017, inter alia decided to classify the CPs of BILT held by the Fund as non-performing assets (NPAs). Further, the boards approved the marking down of the value of the BILT securities to zero and decided to suspend subscription in the affected schemes w.e.f. February 23, 2017.
Final Order in respect of Shri Sasidhar V Page 4 of 27 to all investors in the Four schemes of Taurus MF before their markdown in valuation on February 22, 2017, the following were observed:
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/IMD/DF3/07/2020-21. 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.