sebi:WTMO/9/IVD/10/03
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Shri J E Talaulicar shall dissociate himself from the securities market and shall not deal in securities henceforth for a period of 5 years
Provisions invoked
- s. 11B
- s. 11
- s. 295
- s. 307
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 199
- Reg. 5
- Reg. 2
- Reg. 2(c)
- Reg. 2(k)
- Reg. 20(k)
Parties
- Shri J E Talaulicar
Holding
Shri J E Talaulicar was an insider of Tata Finance Limited who violated Regulation 3 by dealing in 1,00,000 shares on the basis of unpublished price sensitive information, and was directed to dissociate from the securities market and not deal in securities for 5 years.
Full text
Page 1 of 36 SECURITIES AND EXCHANGE BOARD OF INDIA ORDER In the matter of 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 J E Talaulicar regarding insider trading in the shares of Tata Finance Limited
Page 2 of 36 2001 and that Talaulicar had delivered 1,00,000 shares of TFL on April 04, 2001 to JIP. The said sum of Rs.69 lakh was the consideration for sale of one lakh shares of TFL @ Rs.69. Subsequently, during 18th to 30th May 2001, the shares were sold in the market by JIP through JHP and Prashant J. Patel, a member of NSE on behalf of Talaulicar and his family at a price of about Rs.34/- per share. It was also observed that Talaulicar refunded Rs.34.79 lakhs being the difference in prices to the JIP.
Page 3 of 36 in the board meeting on January 29, 2001. Talaulicar, as a Director, was present in both the meetings. The said issue opened on 30.3.2001 and closed on April 30, 2001.
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Source: SecMarx — sebi:WTMO/9/IVD/10/03. 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.