sebi:WTM/AB/IVD/ID3/14893/2021-22
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Facts / Headnote
Noticee no. 1 found in violation of Regulation 4(1) of PIT Regulations, 2015 and Section 11C(3) of SEBI Act, 1992; Noticee no. 2 found in violation of Regulation 4(1) of PIT Regulations, 2015; both restrained from securities market for 1 year; Noticee no. 2 directed to disgorge Rs. 15,82,42,010; penalties imposed.
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 12A
- s. 11
- s. 12
- s. 11A
- s. 15G
- s. 15J
- s. 11C(3)
- s. 11(5)
- s. 26
- s. 11B(2)
- s. 50
- s. 11B(1)
Regulations
- Reg. 7
- Reg. 2(1)(e)
- Reg. 2(1)
- Reg. 4(2)
- Reg. 29
- Reg. 4(1)
- Reg. 2(1)(d)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
- Reg. 2(1)(g)
- Reg. 2(1)(d)(i)
- Reg. 3(1)
- Reg. 2(1)(n)
- Reg. 2(1)(g)(i)
- Reg. 12A(d)
- Reg. 2(1)(f)
- Reg. 15G
- Reg. 15G(i)
Parties
- Mehul C Choksi (Noticee no. 1)
- Rajendra Girdharlal Gajera (Noticee no. 2)
Holding
Noticee no. 1 (Mehul Choksi) was found to have violated Regulation 4(1) of PIT Regulations, 2015 by trading while in possession of UPSI, and Section 11C(3) of SEBI Act, 1992 for not furnishing information to SEBI's Investigating Authority. Noticee no. 2 (Rajendra Gajera) was found to have violated Regulation 4(1) of PIT Regulations, 2015 by selling GGL shares while in possession of UPSI, and was directed to disgorge Rs. 15,82,42,010; both were restrained from the securities market for 1 year.
Full text
Final Order in the matter of Gitanjali Gems Limited Page 1 of 60 WTM/AB/IVD/ID3/14893/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Gitanjali Gems Limited Page 2 of 60 Noticees No. 2. The SCN called upon the Noticees to show cause as to why suitable
Final Order in the matter of Gitanjali Gems Limited Page 3 of 60 (i) SEBI conducted an investigation in the scrip of GGL to ascertain whether there was any violation of the provisions of the SEBI Act, 1992 read with PIT Regulations, 2015 and SAST Regulations, 2011.
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Source: SecMarx — sebi:WTM/AB/IVD/ID3/14893/2021-22. 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.