sebi:WTMO/18/IVD/12/03
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation of Regulation 3 of SEBI (Prohibition of Insider Trading) Regulations, 1992 held; Shilotri directed to dissociate from the securities market and not deal in securities for a period of 6 months
Provisions invoked
- s. 11B
- s. 11
- s. 295
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 2(c)
- Reg. 2(e)
- Reg. 2(h)
- Reg. 3(2)
Parties
- Shri A L Shilotri
Holding
Shri A.L. Shilotri, as President and CEO of NITCL (a wholly owned subsidiary of Tata Finance Limited), was an 'insider' with access to unpublished price sensitive information relating to TFL shares, and his complicity — which was more than mere counselling — in Shri Talaulicar's insider trading violated Regulation 3 of the Insider Trading Regulations, 1992. He was directed to dissociate from the securities market and not deal in securities for 6 months.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER Directions under section 11 read with section 11B of the Securities and Exchange Board of India Act, 1992 and SEBI (Prohibition of Insider Trading) Regulations, 1992 against Shri A L Shilotri in the matter of insider trading in the shares of Tata Finance Limited by Shri J.E. Talaulicar.
2.2.1 It was observed that on 30.03.2001 a sum of Rs.70 lakhs was paid by NITCL to JHP. The voucher in support of the payment showed that the amount was paid as "ad hoc margin". On 31.03.2001, an amount of Rs.69 lakhs was transferred by JHP to its sub broker JIP. The books of accounts of JIP showed a payment of Rs.69 lakh to Shri Talaulicar and his family on 30.03.2001. The details are as follows:
6. The statements of Shri Shilotri indicated that Shri Pendse and Shri Shilotri had arranged the sale of the shares through JIP. It was therefore alleged that Shri Shilotri had aided Shri Talaulicar in insider trading through "counselling" the dealings in the shares of TFL and had thereby violated Regulation 3 of SEBI (Insider Trading) Regulations, 1992 (hereinafter referred to as Insider Trading Regulations).
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:WTMO/18/IVD/12/03. 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.