sebi:WTM/AN/IVD/ID17/25354/2022-23
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Facts / Headnote
Noticee No.1 held liable for communication of UPSI under Regulation 3(1) PIT Regulations, 2015 and Noticee Nos.2-3 held liable for insider trading; penalty of Rs.30,00,000 each imposed on Noticee Nos.1-3 with disgorgement of Rs.7,51,99,771.80 (Noticee No.2) and Rs.2,09,77,685 (Noticee No.3) plus 12% interest; proceedings against Noticee Nos.4,5 and 8-14 disposed off without directions and impounding directions against Noticee Nos.8-14 revoked.
Provisions invoked
- s. 19
- s. 11B
- s. 12A
- s. 11
- s. 12
- s. 11A
- s. 15G
- s. 15J
- s. 307
- s. 15
- s. 28A
- s. 2(1)
- s. 11(5)
- s. 11B(2)
- s. 26A
Regulations
- Reg. 199
- Reg. 2
- Reg. 3
- Reg. 4
- Reg. 2(c)
- Reg. 4(1)
- Reg. 2(1)(g)
- Reg. 2(1)(d)(i)
- Reg. 2(1)(n)(i)
- Reg. 41
- Reg. 3(1)
- Reg. 2(1)(n)
- Reg. 2(1)(g)(i)
- Reg. 4(2)
Holding
Noticee No.1 communicated UPSI-1 and UPSI-2 to Noticee Nos.2 and 3 who traded in ZEEL while in possession of UPSI, violating Section 12A(d) & (e) and Regulation 3(1) PIT Regulations; Noticee Nos.4,5,8-14 not liable and proceedings against them disposed off.
Full text
Page 2 of 152 14 Yash Anil Jajoo BECPJ4821F (The aforesaid entities are hereinafter referred to by their respective names / noticee numbers or collectively as “the Noticees”)
Page 3 of 152 2. Noticee Nos. 1, 2, 3, 6 and 7 filed an appeal before the Hon’ble Securities Appellate Tribunal (hereinafter referred to as “Hon’ble SAT”) seeking stay of
Page 4 of 152 5. Upon completion of investigation, SEBI issued a Show Cause Notice dated December 22, 2022 (hereinafter referred to as “SCN”) against the Noticees alleging violation of Section 12A (d) & (e) of the SEBI Act and Regulations 3(1) and 4(1) of PIT Regulations, 2015. The SCN called upon the Noticees to show cause as to why suitable direction(s) under Sections 11(1), 11(4), 11(4A), 11B(1) and 11B(2) read with Section 15G of SEBI Act should not be issued against them including directions for debarment from securities market for a specified period, imposition of monetary penalty and directions for
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Source: SecMarx — sebi:WTM/AN/IVD/ID17/25354/2022-23. 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.