https://www.taxtmi.com/caselaws?id=392426 An exemption from open offer obligations under the takeover regulations did not dispense with separate statutory disclosure duties under the takeover and insider trading regimes. Transfers and re-transfers of shares within a family group and its connected private company still triggered disclosure requirements for changes in shareholding and beneficial ownership. The argument that the entities formed one family group acting in concert did not remove the obligation to disclose. Non-disclosure therefore attracted liability under Section 15A of the Securities and Exchange Board of India Act, 1992, and the penalty was upheld. en-us Tue, 26 Nov 2019 00:00:00 +0530 Thu, 20 Feb 2020 11:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392426 An exemption from open offer obligations under the takeover regulations did not dispense with separate statutory disclosure duties under the takeover and insider trading regimes. Transfers and re-transfers of shares within a family group and its connected private company still triggered disclosure requirements for changes in shareholding and beneficial ownership. The argument that the entities formed one family group acting in concert did not remove the obligation to disclose. Non-disclosure therefore attracted liability under Section 15A of the Securities and Exchange Board of India Act, 1992, and the penalty was upheld. Case-Laws SEBI Tue, 26 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392426