2015 (8) TMI 1599 - AT - SEBI

Imposition of penalty u/s 15A(b) - appellant failed to make mandatory disclosures to the stock exchange regarding share purchases - violation of the provisions of Regulation 13(4) and 13(4A) read with Regulation 13(5) of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations 1992 (PIT Regulations) - HELD THAT - This case is similar to the case of Mr. Ankur Chaturvedi who has filed Appeal 2015 (10) TMI 267 - SECURITIES APPELLATE TRIBUNAL MUMBAI . Both the appellant and Mr. Ankur Chaturvedi are promoter/director of the very same company. In fact this appeal was heard along with the Appeal no .434 of 2014 and the said appeal is dismissed by us today. Accordingly for the reasons stated in our decision in Appeal 2015 (10) TMI 267 - SECURITIES APPELLATE TRIBUNAL MUMBAI we uphold the penalty imposed under section 15A(b) of the SEBI Act. Appeal is dismissed in the above terms with no order as to costs.

Summary

The Securities Appellate Tribunal (SAT) upheld a penalty of Rs. 11 lakh imposed under section 15A(b) of the Securities and Exchange Board of India Act, 1992 on the appellant, a promoter/director of Brijlaxmi Leasing and Finance Company Ltd. The penalty arose from violations of Regulation 13(4) and 13(4A) read with Regulation 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992, for failure to disclose share purchases on multiple dates as mandated. The Tribunal noted the appellant's repeated non-compliance with disclosure obligations and relied on its reasoning in a similar case (Appeal no. 434 of 2014 involving another promoter/director of the same company), stating: "Accordingly for the reasons stated in our decision in Appeal no.434 of 2014, we uphold the penalty imposed under section 15A(b) of the SEBI Act." The appeal was dismissed with no order as to costs.