sebi:WTM/AN/IVD/ID17/25871/2023-24
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Facts / Headnote
Clarification issued
Provisions invoked
- s. 11(5)
Holding
The Order dated March 31, 2023 is clarified so that the words 'till the date of actual payment' in paragraph 50(ii) and (iii) shall be read as 'till the date of deposit of illegal gains in the escrow account'. The March 31, 2023 Order shall always be read with this clarification.
Full text
Page 2 of 3 Hundred Seventy One Rupees and Eighty Paisa Only) as mentioned in Tables 54-57 above along with simple interest @ 12% per annum from September 07, 2020 (i.e. the date on which last sale of positions took place as discussed in this Order) till the date of actual payment. The said amount shall be remitted to the Investor Protection and Education Fund (IPEF) as referred to in Section 11(5) of the SEBI Act, 1992, within 45 (forty five) days from the date of this
Page 3 of 3 4. The Order dated March 31, 2023 bearing reference number WTM/AN/IVD/ID17/25354/2022-23 shall always be read with this clarification.
Order and intimation may be forwarded to “The Division Chief, Investigation Division 17 (ID-17), Investigation Department, Securities and Exchange Board of India, SEBI Bhavan II, Plot No. C-7, “G” Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051”; iii. The Noticee No. 3 shall disgorge the amount of illegal gains of Rs. Rs. 2,09,77,685/- (Two Crore Nine Lakh Seventy Seven Thousand Six Hundred and Eighty Five Rupees Only) as mentioned in Tables 58-60 above along with simple interest @ 12% per annum from September 23, 2020 (i.e. the date on which last sale of positions took place as discussed in this Order) till the date of actual payment. The said amount shall be remitted to the Investor Protection and Education Fund (IPEF) as referred to in Section 11(5) of the SEBI Act, 1992, within 45 (forty five) days from the date of this Order and intimation may be forwarded to “The Division Chief, Investigation Division 17 (ID-17), Investigation Department, Securities and Exchange Board of India, SEBI Bhavan II, Plot No. C-7, “G” Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051;…. (Emphasis Supplied)”
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Source: SecMarx — sebi:WTM/AN/IVD/ID17/25871/2023-24. 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.