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Factors to be taken into account while adjudging quantum of penalty under SEBI Act are not exhaustive

March 1, 2019[2019] 103 taxmann.com 8 (SC)
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I. CL/SEBI: Conditions stipulated in clauses (a), (b) and (c) of section 15J are not exhaustive and in given facts of a case, there can be circumstances beyond those enumerated by clauses (a), (b) and (c) of section 15J which can be taken note of by Adjudicating Officer while determining quantum of penalty

II. CL/SEBI: Where appellant had indulged in synchronized and reversed trades in scrips of GPL in two different capacities i.e. in his personal name and as sole proprietor of 'S', separate penalties had rightly been imposed upon appellant for violation of regulation 4 of PFUTP Regulations

III. CL/SEBI: Where appellants failed to make disclosures under regulation 13 of PIT regulations on purchase of shares of 'B', penalty not being harsh and unreasonable was rightly imposed upon them

IV. CL/SEBI: Where appellant-promoters acquired shares of target company in excess of limits prescribed under regulation 3 of Takeover Regulations and failed to notify concerned authorities within stipulated time, penalty imposed for violation of regulation 3 was justified

V. CL/SEBI: Where appellant-stock-broker had executed synchronized trades in scrips of ADPL & WTIL on behalf of its clients, penalty imposed on appellant for violation of clause A(2) of Code of Conduct for Stock Brokers was not to be interferred with

VI. CL/SEBI: Where appellant-broker had indlulged in synchronised trades, circular trades and reversal trades in scrips of 'G', penalty imposed on appellant under section 15HA for violation of provisions of SEBI Act and PFUTP Regulations and for violation of provisions of Code of Conduct for Stock Brokers was correct

VII. CL/SEBI: Where appellants were required to furnish particulars about plans/schemes offered to public, funds mobilized, Memorandum of Association, details of Directors, etc. in order to examine matter under section 11AA of SEBI Act and SEBI (Collective Investment Schemes), Regulations, 1999 but they failed to do so, penalty was rightly imposed on appellants for violation of section 11C

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