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Adjudication Order in respect of Rosita Rabindra in the matter of NIIT Technologies Ltd

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Court :
SEBI

Brief :
UNDER SECTION 15 -I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995

Citation :
ADJUDICATION ORDER NO: Order/AA/AR/2020-21/9195

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO: Order/AA/AR/2020-21/9195]

UNDER SECTION 15 - I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995

In respect of:
Rosita Rabindra
PAN: ACEPR5041A
In the matter of
NIIT Technologies Ltd

FACTS OF THE CASE

1. The Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) conducted an investigation into the suspected insider trading in the shares of NIIT Technologies Ltd (hereinafter referred to as ‘NIIT Technologies’ / ‘the Company’) by a few suspected entities during the period December 22, 2014 to March 23, 2015. During the course of investigation, it was observed that Ms. Rosita Rabindra (hereinafter referred to as ‘the noticee’ / ‘Rosita’), who was the Chief People Officer of NIIT Technologies, had allegedly failed to disclose the sale transactions carried out by her in the scrip of NIIT Technologies during the period from February 23, 2015 to March 13, 2015 (hereinafter referred to as the ‘ relevant period’) to the Company and to the Stock Exchanges, as required under Regulation 13(4) read with Regulation 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘PIT Regulations’) read with Regulation 12 of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as ‘PIT Regulations 2015’).

2. In view of the above observations and alleged violations, adjudication proceedings were initiated against the noticee under the provisions of section 15A(b) of the SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act’).

APPOINTMENT OF ADJUDICATING OFFICER

3. The undersigned was appointed as the Adjudicating Officer (hereinafter referred to as ‘AO’), vide communiqué dated May 04, 2020, under section 15-I of the SEBI Act read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as 'Adjudication Rules’) to inquire into and adjudge under the provisions of section 15 A(b) of the SEBI Act, the alleged violation of the relevant provisions of the PIT Regulations and PIT Regulations 2015 by the noticee.

To read / download the full judgement, find the enclosed file

 

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on 29 September 2020
Published in LAW
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