sebi:AO/AK/16/2017
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Facts / Headnote
Violation found; penalty of Rs 10,00,000 imposed on Ratna Drugs Ltd. under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 11(1)
- s. 15H
- s. 15J
- s. 15F
Parties
- Ratna Drugs Ltd.
Holding
Ratna Drugs Ltd. failed to obtain SCORES authentication in violation of SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014, and a penalty of Rs 10,00,000 under Section 15HB of the SEBI Act was imposed on it.
Full text
Adjudication Order in the matter of Ratna Drugs Ltd. Page 2 of 13 3. It was, therefore, alleged that the Noticee has failed to obtain SCORES authentication and thereby violated SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014, thus, making the Noticee liable for imposition of penalty under Section 15 HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the SEBI Act").
Adjudication Order in the matter of Ratna Drugs Ltd. Page 3 of 13 to reply to the SCN and appear for personal hearing on November 07, 2016. However, neither did the Noticee appear on the date scheduled for the personal hearing, nor, has the Noticee filed any reply in the matter till date. A final opportunity to file a reply as well as for personal hearing was also granted to the Noticee vide Hearing Notice dated April 6, 2017. However, despite the hearing notice again being affixed at the last known address of the Noticee, neither did the Company file any reply, nor did it appear for the personal hearing.
Adjudication Order in the matter of Ratna Drugs Ltd. Page 4 of 13 FINDINGS 11. Before moving forward, it is pertinent to refer to the provisions of SEBI Consolidated Circular, which reads as under: “CIR/OIAE/1/2014 December 18, 2014 To All Companies whose securities are listed on SEBI recognized Stock Exchanges (Through the Stock Exchanges) All Intermediaries registered with SEBI (Through the Stock Exchanges for Stock Brokers and Sub Brokers, Depositories for Depository Participants, AMFI for Mutual Funds and Asset Management Companies) All recognized Stock Exchanges All Depositories Association of Mutual Funds in India (AMFI)
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Source: SecMarx — sebi:AO/AK/16/2017. 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.