sebi:AO/AK/3/2018

SEBI · SEBI · 2017-03-31 · Anita Kenkare, Adjudicating Officer

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Facts / Headnote

Violation established; penalty of Rs. 6,00,000 imposed under Section 15HB of SEBI Act

Provisions invoked

• s. 15
• s. 15H
• s. 15J
• s. 15F

Parties

• Janice Textiles Ltd.

Holding

The Noticee, Janice Textiles Ltd., violated SEBI Circulars by failing to obtain SCORES authentication while it continued to be listed till September 2, 2015, and a monetary penalty of Rs. 6,00,000 under Section 15HB of the SEBI Act was imposed.

Full text

Adjudication Order in the matter of Janice Textiles Ltd. Page 2 of 9 3. It was, therefore, alleged that the Noticee has failed to obtain SCORES authentication and thereby violated the SEBI Circulars, thus, making the Noticee liable for imposition of penalty under Section 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the SEBI Act").

Adjudication Order in the matter of Janice Textiles Ltd. Page 3 of 9 CONSIDERATION OF ISSUES 8. I have carefully perused the documents available on record. It is observed that the allegation against the Noticee is that they have failed to obtain SCORES authentication. The issues, therefore, that arise for consideration in the present matter are: a) Whether the Noticee has violated the provisions of the SEBI Circulars by failing/ delaying obtaining of SCORES authentication? b) Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 HB of the SEBI Act? c) If so, what would be the monetary penalty that can be imposed duly taking into account the factors mentioned in Section 15J of SEBI Act?

Adjudication Order in the matter of Janice Textiles Ltd. Page 4 of 9 11. It is further observed that SEBI issued a Public Notice dated January 13, 2013 against the companies which had failed to obtain SCORES authentication. Vide the public notice, the companies that were named therein were advised to obtain SCORES authentication within 7 days from the date of the advertisement, failing which it was stated that SEBI would be constrained to initiate appropriate enforcement actions. Further, companies other than those named in the public notice, who had not yet obtained SCORES authentication were also advised to obtain authentication, failing which enforcement action would follow.

Source: SecMarx — sebi:AO/AK/3/2018. 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.