sebi:WTM/PS/92/IVD/NOV/2015
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Facts / Headnote
Ad-interim ex-parte order impounding alleged unlawful gains of ₹1,84,68,558 against Mr. Arun Jain and ₹19,69,471 against Mr. R. Srikanth, with freezing of bank and demat accounts and directions to deposit amounts into an escrow account.
Provisions invoked
- s. 11(4)
- s. 19
- s. 12A
Regulations
- Reg. 3
- Reg. 4
- Reg. 2
- Reg. 2(c)
- Reg. 2(e)
- Reg. 13(4)
- Reg. 2(c)(i)
Parties
- Mr. Arun Jain
- Mr. R. Srikanth
Holding
SEBI, as an interim measure, impounded the alleged unlawful gains of Mr. Arun Jain (₹1,84,68,558) and Mr. R. Srikanth (₹19,69,471) arising from alleged insider trading in Polaris shares while in possession of unpublished price sensitive information relating to quarterly financial results and the real estate business decision.
Full text
Page 2 of 11 Table A Date & Time PSI Price 17-July-08 14:51 hrs (Thursday) 1. Consolidated Results for the quarter ended June 30, 2008
Page 3 of 11 Pursuant to the dissemination of the said information, the scrip price of Polaris had closed at ₹81.75 on July 18, 2008.
Page 4 of 11 and Mr. R. Srikanth, ex-CFO of Polaris (also ‘Head of Finance wing of Polaris’ and primarily responsible for the preparation of the financial statements of Polaris) were privy to the said UPSI between July 07, 2008 till July 17, 2008 (till the same was made public at 14:51 hrs.).
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Source: SecMarx — sebi:WTM/PS/92/IVD/NOV/2015. 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.