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2015 (7) TMI 540 - SECURITIES APPELLATE TRIBUNAL MUMBAIPenalty u/s 15A(b) of the SEBI Act, 1992 - Contravention of Regulation 29(2) & 29(3) of the SAST Regulations, 2011 and Regulation 13(3) & 13(5) of the Prevention of Insider Trading Regulations, 1992 - Non disclosure of acquisition of shares - Ignorance of law is not an excuse- Held that:- The main contention of the appellant, who has appeared in person before us, is that he was not aware about the requirement of law in making disclosure as a part of SAST Regulations, 2011 and PIT Regulations, 1992. We note that ignorance of law is not an excuse. It seems to be an afterthought in as much as the appellant had undergone inquiry before the SEBI for similar type of violation in the recent past when he had increased his shareholding to the tune of 5.6% of the total shares of RPIL on September 5, 2012. It is, therefore evident that appellant was aware about the requirement of law as regards disclosures on acquiring 2% or more shares of the company. t is also noteworthy that the appellant, on his own showing, could inform the company about the acquisition of shares in question with a request to the company, in turn, to inform the Stock Exchange. This also makes it abundantly clear that the appellant was aware about the requirement of law to make disclosures about acquisition of shares in question at or above 2% to the company as well the to the Stock Exchange but he chose not to do it. It is thus clear a case of repetitive violation of law for which no leniency can be shown even in the matter of quantum of penalty. - Decided against the appellant.
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