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TMI Blog2015 (6) TMI 791X X X X Extracts X X X X X X X X Extracts X X X X ..... imposed by SEBI - Held that:- Obligation to make disclosures under regulation 8(3) of SAST Regulations, 1997 is mandatory and that obligation is not dependent upon any of the circumstances set out hereinabove. Penalty for not making disclosures under regulation 8(3) SAST Regulations, 1997 for the respective year as per section 15A(b) of SEBI Act, 1992 is ₹ 1 lac per day or ₹ 1 crore w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tatia, Advocates Per : J.P. Devadhar (Oral) 1. This appeal is filed to challenge order passed by the adjudicating officer of Securities and Exchange Board of India ( SEBI for short) dated March 20, 2014 whereby penalty of ₹ 10 lac has been imposed upon the appellant for violating regulation 8(3) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d w.e.f. January 16, 2012. Therefore, there being no trading in the shares on the exchange, adjudicating officer was not justified in imposing penalty of ₹ 10 lac which is highly unreasonable; (c) Disclosures under regulation 8(3) of the SAST Regulations, 1997 are not disseminated by the stock exchanges and this reporting is only for academic purpose. Therefore, the findings recorded by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 crore per year, whereas, the adjudicating officer after considering all mitigating factors set out under section 15J of the SEBI Act, 1992 has imposed composite penalty of ₹ 10 lac for all the years which comes to less than ₹ 1 lac per year. In these circumstances, decision to impose penalty of ₹ 10 lac for all the years cannot be said to be unreasonable or excessive. 5. Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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