sebi:WTM/AB/IVD/ID3/23/2020-21
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations found against Noticees 1-8; disgorgement, interest, market restraint, and penalties imposed as detailed in directions.
Provisions invoked
- s. 11B
- s. 19
- s. 12A
- s. 11(2)
- s. 11
- s. 15H
- s. 15G
- s. 15J
- s. 12
- s. 15F
- s. 30
- s. 11(5)
- s. 66
- s. 230
- s. 11B(2)
Regulations
- Reg. 3
- Reg. 2(1)(e)
- Reg. 5
- Reg. 4(1)
- Reg. 2(1)(d)
- Reg. 4
- Reg. 201
- Reg. 3(1)
- Reg. 30
- Reg. 9
- Reg. 2(1)(g)
- Reg. 2(1)(d)(i)
- Reg. 9(1)
- Reg. 8(1)
- Reg. 30(7)
- Reg. 2(1)(n)
- Reg. 3(2)
- Reg. 2(1)(g)(i)
- Reg. 4(2)
- Reg. 2(1)(f)
Holding
Noticees 1 through 8 were found to have violated insider trading provisions (Section 12A(d) & (e) of the SEBI Act, 1992 and Regulation 4(1) of the PIT Regulations, 2015) and related compliance obligations in connection with trading in FRL shares during the UPSI period of March 10, 2017 to April 20, 2017. Disgorgement of wrongful gains with 12% interest, market restraint for one year, and monetary penalties were imposed.
Full text
Final Order in the matter of Future Retail Limited Page 1 of 77 WTM/AB/IVD/ID3/23/2020-21 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Future Retail Limited Page 2 of 77 2. Show Cause Notice No. SEBI/HO/IVD/ID3/OW/P/2020/2770 dated January 21, 2020 (hereinafter referred to as “SCN-II”) Noticee No. 7
Final Order in the matter of Future Retail Limited Page 3 of 77 Demerged Company') and Praxis Home Retail Private Limited ('PHRPL' or 'Resulting Company') and their respective Shareholders ('the Scheme') - Intimation under Regulation 30 and other applicable regulations of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015”. Investigation observed that the aforesaid scheme of arrangement has resulted in the demerger of certain business of FRL. Also, the said announcement had a positive impact on the price of the scrip of FRL.
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/IVD/ID3/23/2020-21. 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.