2019 (10) TMI 1590 - SCH - SEBI

Insider trading based on the unpublished price sensitive information ( UPSI ) - Violation of provisions of the PIT Regulations, 1992 read with section 12A of the SEBI Act - As decided by SAT 2019 (10) TMI 109 - SECURITIES APPELLATE TRIBUNAL, MUMBAI Admittedly, the appellants have been found to be connected persons under section 2(c) of the PIT Regulations and were also found to be deemed to be connected persons under section 2(h). The appellants were also found to be insiders under section 2(e) of the PIT Regulations and were found to have traded in the shares having knowledge of the price sensitive information. Consequently, all the appellants being connected persons have been held to be equally liable to pay the amount of penalty jointly and severally. We thus do not find any error in this regard. HELD THAT - We find no ground to interfere with the impugned order passed by the Tribunal. The appeal is, accordingly, dismissed. Pending application(s), if any, shall stand disposed of.

Summary

The Supreme Court dismissed the appeal as they found no reason to interfere with the Tribunal's order. IA No. 156587/2019 was allowed, and pending applications were disposed of. Justices Arun Mishra and S. Ravindra Bhat presided over the case. Appellant represented by Mr. Rakesh Dwivedi, Mr. Gopal Jain, Mr. Lakshmeesh Kamath, Mr. Soheb Rahman, and Mr. Lakshmeesh S. Kamath.