2019 (11) TMI 1554

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....Desai, Adv. For the Respondent : Kumar 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....

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....e of Conduct. Those transactions are as under:- 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 T....

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.... which had affected his earnings significantly. Therefore, he was not able to work full time and, therefore, the lapse may be condoned. 4. The Adjudicating Officer took into consideration the provisions 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 penalt....

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....material on record. In the circumstances, the penalty of Rs. 12 lakhs as detailed supra came to be imposed. Hence the present appeal. 6. Mr. Somasekhar, learned counsel for the appellant submits that the appellant does not 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....