sebi:WTM/MB/IVD/ID3/12407/2021-22
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Facts / Headnote
Violation established; Mr. Shreehas P Tambe restrained from buying, selling, dealing in or accessing securities market and from associating with any listed public company or SEBI-registered intermediary (other than Biocon) for three months with existing holdings frozen, and monetary penalties of Rs. 1,00,000 each imposed under Section 15A(b) and Section 15HB of SEBI Act.
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11(1)
- s. 12A
- s. 15H
- s. 15J
- s. 406
Regulations
- Reg. 3
- Reg. 5
- Reg. 4
- Reg. 2
- Reg. 4(1)
- Reg. 7(2)(a)
- Reg. 2(1)(g)
- Reg. 9(1)
- Reg. 30
- Reg. 2(1)(n)
Parties
- Mr. Shreehas P Tambe
Holding
The Noticee, an insider in possession of UPSI relating to the Biocon-Sandoz collaboration, traded while in possession of UPSI in violation of Regulation 4(1) of PIT Regulations and Sections 12A(d) and 12A(e) of SEBI Act, and also violated Clause 6 Schedule B read with Regulation 9(1) and Regulation 7(2)(a) of PIT Regulations. He was restrained from the securities market and association for three months and penalized Rs. 1,00,000 each under Sections 15A(b) and 15HB of SEBI Act.
Full text
Order in respect of Mr. Shreehas P Tambe in the matter of Biocon Ltd. Page 1 of 37 WTM/MB/IVD/ID3/12407/2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: MADHABI PURI BUCH, WHOLE TIME MEMBER FINAL ORDER
Order in respect of Mr. Shreehas P Tambe in the matter of Biocon Ltd. Page 2 of 37 (hereinafter referred to as the “SEBI Act”) and SEBI (Prohibition of Insider Trading) Regulations, 2015, (hereinafter referred to as the “PIT Regulations”) during the period December 4, 2017 to January 18, 2018 (hereinafter referred to as the “investigation period”).
Order in respect of Mr. Shreehas P Tambe in the matter of Biocon Ltd. Page 3 of 37 it is also alleged that by dealing in securities of Biocon while in possession of material and non-public information, Noticee has also violated Section 12A(e) of SEBI Act. 3.6. It is further alleged that Noticee being a designated person and allegedly in possession of UPSI had applied for pre clearance of trade to deal in securities of Biocon. It is therefore alleged that Noticee has violated clause 6 of Minimum Standards for Code of Conduct to Regulate, Monitor and Report Trading by Insiders, specified in Schedule B read with regulation 9(1) of PIT Regulations (hereinafter referred to as “Code of Conduct”). 3.7. It is also alleged that Noticee has failed to make the timely requisite disclosures to Biocon when he had sold shares on December, 19-20, 2017 whose value exceeded ten lakh rupees. Hence, Noticee being an employee of Biocon, had allegedly violated regulation 7(2)(a) of PIT Regulations.
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Source: SecMarx — sebi:WTM/MB/IVD/ID3/12407/2021-22. 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.