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2019 (11) TMI 1554 - SECURITIES APPELLATE TRIBUNAL, MUMBAIInsider Trading for listed companies - Penalty imposed on appellant as working as Senior Vice President and Company Secretary of Financial Technologies (India) Limited who traded beyond threshold limit of 5000 shares of the Company without obtaining pre-clearance of the transactions as mandated by clause 9(b)(i) of the Code of Conduct - HELD THAT:- The penalty imposed by the Adjudicating Officer is disproportionate to the violation in the circumstances, as detailed by the appellant. The appellant had a long career of 28 years prior to the violation. He had undergone multiple angioplasties. He explained that due to a communication gap between him and the broker the violation had occurred which resulted into a meager profit of ₹ 17,467/-. Taking into consideration these factors in our opinion a penalty of ₹ 2 lakhs instead of ₹ 12 lakhs as imposed by the Adjudicating Officer would be just and sufficient. Appeal is partly allowed. The impugned order is affirmed except the penalty which is reduced from ₹ 12 lakh to ₹ 2 lakh which shall be paid within four weeks from today by the appellant to respondent SEBI.
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