sebi:WTM/AB/IVD/ID1/18233/2022-23
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Facts / Headnote
Noticees found in violation; disgorgement of wrongful gains with 12% interest to IPEF and penalties imposed; Noticees restrained from accessing securities market
Provisions invoked
- s. 11B
- s. 15
- s. 19
- s. 11(1)
- s. 12A
- s. 11(2)
- s. 15G
- s. 15J
- s. 12
- s. 11(5)
- s. 123
- s. 123(3)
- s. 122
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 2(1)(d)
- Reg. 5
- Reg. 4
- Reg. 2(1)(g)
- Reg. 2(1)(d)(i)
- Reg. 3(1)
- Reg. 2(1)(n)
- Reg. 2(1)(g)(i)
- Reg. 2(1)(e)
- Reg. 4(2)
- Reg. 33(3)(a)
Parties
- Sandeep Tulsiram Agrawal (Noticee No. 1)
- Namrata Sandeep Agrawal (Noticee No. 2)
- Sudha Mahendra Agrawal (Noticee No. 3)
- Pushpadevi Tulsiram Agrawal (Noticee No. 4)
- Manoj Tulsiram Agrawal (Noticee No. 5)
- Mahendra Tulsiram Agrawal (Noticee No. 6)
Holding
Noticees No. 1, 2, 3 and 4 violated Regulation 4(1) of PIT Regulations, 2015 and Section 12A(d) and (e) of SEBI Act, 1992 by trading in the scrip of Kushal Ltd. while in possession of UPSI; Noticees No. 1, 5 and 6 violated Regulation 3(1) of PIT Regulations, 2015 and Section 12A(e) of SEBI Act, 1992 by communicating UPSI to other Noticees.
Full text
Order in the matter of Kushal Ltd. Page 1 of 70 WTM/AB/IVD/ID1/18233/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Order in the matter of Kushal Ltd. Page 2 of 70 and SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “the Rules”), should not be issued against them for the alleged violation of Regulation 4(1) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (herein after referred to as “PIT Regulations, 2015”) and Section 12A(d) and (e) of the SEBI Act, 1992. Vide the said SCN, Noticees No. 1, 5 and 6, were also called upon to show cause as to why suitable directions including penalty under Section 11(1), 11(4), 11(4A), 11B (1) and 11B (2) of the SEBI Act, 1992 read with Section 15G of the SEBI Act, 1992 and the Rules, should not be issued against them for the alleged violation of Regulation 3(1) of PIT Regulations, 2015 and Section 12A(e) of SEBI Act, 1992.
Order in the matter of Kushal Ltd. Page 3 of 70 Meeting. Accordingly, Promoters, Directors and Designated Employees have been advised not to deal in securities of the company from December 5, 2017 to December 16, 2017 (both days inclusive).”
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Source: SecMarx — sebi:WTM/AB/IVD/ID1/18233/2022-23. 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.