2019 (11) TMI 1554

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....umar Desai, Mihir Mody and Shehaab Roshan, Advs. ORDER M.T. JOSHI, JUDICAL MEMBER. - 1. Aggrieved by the imposition of penalty of Rs. 12 lakhs for the violation of the provisions of clause 3.3.1 of Model Code of Conduct for Prevention of Insider Trading for listed companies specified under Schedule I of Part A (hereinafter referred to as "Model Code of Conduct) read with Regulation 12(1) of th....

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....r:- Date Buy Quantity Buy Value Sell Quantity Sell Value 22.06.2012 1,000 6,84,000 1,000 6,87,000 25.06.2012 1,000 7,11,000 1,000 7,12,747 26.06.2012 1,000 7,20,000 1,000 7,31,342 28.06.2012 1,000 7,20,000 1,000 7,26,000 29.06.2012 1,000 7,32,997 1,000 7,36,987 Total (June) 5,000 35,67,997 5,000 35,94,076 02.07.2012 1,000 7,45,000 1,000 7,55,020 03.07.2012 ....

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....visions of section 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act') which provides for maximum penalty of Rs. 1 Crore where no separate penalty is provided. He also took into consideration the provisions of Section 15J of the SEBI Act which provides for taking into consideration three factors while adjudging the quantum of penalty. (a) ....

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....ot deny that the violation of the provision has been committed. He however submitted that in the circumstances penalty imposed is too harsh. He pointed towards the fact that the total gain made by the appellant by alleged violation is Rs. 88,97,995 - Rs. 88,80,528 = Rs. 17,467/-. He therefore submitted that under the provision of Section 15HA of the SEBI Act a penalty three times the amount of the....