sebi:15388
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Facts / Headnote
Debarred M/s Simon Tech (India) Ltd., its promoters, directors, managers, and persons in charge of the business of its schemes (as per Annexure-A) from accessing the securities market and prohibited them from buying, selling or dealing in securities for a period of 5 years from the date of the order.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 12
Regulations
- Reg. 74
- Reg. 73
- Reg. 65
- Reg. 5
- Reg. 5(1)
- Reg. 68(1)
- Reg. 65(e)
Parties
- M/s Simon Tech (India) Ltd.
- Shri Simon Behera
- Shri Sandeep Behera
- Shri Kumar Sourav
- Ms. Sunita Behera
- Mrs. Gitali Sikdar
Holding
SEBI debarred M/s Simon Tech (India) Ltd., its promoters, directors, managers, and persons in charge of the business of its schemes from accessing the securities market and prohibited them from buying, selling or dealing in securities for 5 years for non-compliance with the SEBI Act, 1992 and the SEBI (Collective Investment Schemes) Regulations, 1999.
Full text
1. M/s. Simon Tech (India) Ltd. (hereinafter referred to as “STIL”), having its Registered Office in front of Old Radio Station, Mission Road, Buxibazar, Cuttack – 753 001, Orissa, had filed information / details with Securities and Exchange Board of India (hereinafter referred to as “SEBI”) regarding its Collective Investment Schemes pursuant to SEBI Press Release dated November 26, 1997 and / or public notice dated December 18, 1997. Consequent to the notification of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the “said Regulations”) dated October 15, 1999, in terms of Regulation 5 (1) of the said Regulations, any person who immediately prior to the commencement of the said Regulations was operating a Collective Investment Scheme(s), was required to make an application to SEBI for grant of registration within a period of two months from the date of notification. SEBI by way of public notice dated October 20, 1999 and also vide its letter dated October 25, 1999 intimated STIL about the notification of the said Regulations.
6. STIL vide its letter dated May 22, 2000 replied to the said notice submitting inter alia that it had discontinued all its schemes of collective investments w.e.f April 1, 1998 and funds raised through various diversification programmes and through its sister concerns would be utilized for payments to investor in future.
10. Again, SEBI vide its letter dated July 8, 2002 forwarded through registered AD, advised STIL to place the amounts payable to each of the investors in separate fixed deposits (FDs) for a period of 60 months, with any scheduled bank wherein repayments have not been made to them due to the non-availability of their current address. It was further advised to furnish copies of the said FDs along with an affidavit to SEBI, duly certified by STIL’s Statutory Auditors, stating that FDRs would not be alienated or used in any manner whatsoever except to repay concerned investors as and when they approach STIL. This letter also returned undelivered with remark ‘Left’.
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Source: SecMarx — sebi:15388. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.