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2019 (10) TMI 110 - SECURITIES APPELLATE TRIBUNAL, MUMBAIInsider trading - violation Securities and Exchange Board of India - PFUTP Regulations as well as Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 - HELD THAT:- The trading pattern of the parties except Mr. R. Venkatachalam would show that these parties entered into buy and sell order of the shares in miniscule proportion for a price much lower than LTP on the given date within seconds to three minutes. Further, within seconds or minutes their orders matched. Three other persons had transacted only on four occasions out of 18 transactions. Appellant Mrs. Rajasekharan Devaki is the wife of appellant Mr. Rajasekharan and are admittedly connected to Mr. Venkatachalam. Though appellant Mr. Srivatsan has no direct connection it is a fact that not only he knew some friends of Mr. Venkatachalam, the trading pattern as detailed supra would on preponderance of probabilities, show that there was meeting of minds between the parties. The impugned order of the Adjudicating Officer in this regard therefore cannot be faulted with. As regards the violation of the PIT Regulations it is an admitted fact that the said regulation has been violated though for small quantity of shares. The Adjudicating Officer has taken note of this and therefore the penalty of ₹ 3 lakhs on this count was imposed. Considering all these facts on record we do not find any reason to interfere in the impugned order.
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