sebi:WTM/AB/IVD/ID2/13652/2021-22
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Facts / Headnote
Noticees no. 1, 2, 3, 5, 6, 7 and 8 absolved of charges; Noticee no. 4 (Pramod Singh) restrained from accessing securities market and directed to disgorge Rs. 11,620/-
Provisions invoked
- s. 19
- s. 12A
- s. 11(2)
- s. 15G
- s. 30
- s. 15I(1)
- s. 186
Regulations
- Reg. 2(1)(d)
- Reg. 4
- Reg. 4(1)
- Reg. 2(1)(g)
- Reg. 2(1)(d)(i)
- Reg. 2(1)(n)
- Reg. 2(1)(g)(i)
- Reg. 4(2)
- Reg. 12A
Parties
- Manish Rustagi (Noticee-1)
- Niraj Tyagi (Noticee-2)
- Anil Mittal (Noticee-3)
- Pramod Singh (Noticee-4)
- Vikas Sachdeva (Noticee-5)
- Matbeer Singh (Noticee-6)
- Satish Chand (Noticee-7)
- Ajit Kumar Singh (Noticee-8)
Holding
Seven of the eight Noticees were absolved of insider trading charges under Regulation 4(1) of the PIT Regulations, 2015, while Noticee no. 4 (Pramod Singh) was found to have traded in IVL shares during the UPSI period while in possession of UPSI, and was restrained from accessing the securities market and directed to disgorge Rs. 11,620/-.
Full text
Final Order in the matter of Indiabulls Ventures Limited Page 1 of 61 WTM/AB/IVD/ID2/13652/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Indiabulls Ventures Limited Page 2 of 61 4(1) of SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as “PIT Regulations, 2015”) by the Noticees. The SCN called upon the Noticees to show cause as to why suitable directions under Sections 11 (1), 11(4), 11(4A),11B(1) and 11B(2) including directions for disgorgement of unlawful gains and holding of an inquiry under Rule 4 of SEBI (Procedure for Holding Inquiry and imposing penalties by Adjudicating Officer) Rules, 1995 read with Section 15I(1) & (2) of SEBI Act and the subsequent imposition of penalty under Section 15G of SEBI Act should not be issued against them.
Final Order in the matter of Indiabulls Ventures Limited Page 3 of 61 [SOURCE: IVL’s reply dated August 10, 2018] Name Designation Divyesh B. Shah Whole-time Director & CEO Aishwarya Katoch Independent Director Brig. Labh Singh Sitara Independent Director Prem Prakash Mirdha Independent Director Amiteshwar Choudhary Whole-time Director Pia Johnson Non-Executive Director Sameer Gehlaut Non-Executive Chairman Gagan Banga Non-Executive Director Ajit Kumar Mittal Non-Executive Director Pinank Jayant Shah Executive Director Vijayalakshmi Rajaram Iyer Independent Director Shyam Lal Bansal Independent Director Alok Kumar Misra Independent Director Lalit Sharma Company Secretary Rajeev Lochan Agrawal Chief Financial Officer
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Source: SecMarx — sebi:WTM/AB/IVD/ID2/13652/2021-22. 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.