sebi:AO/AK/70/2017
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Facts / Headnote
Penalty imposed on the Noticee under Section 15HB of the SEBI Act for failure to obtain SCORES authentication
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- Unique Estates Development Co. Ltd.
Holding
The Noticee violated SEBI Circulars by failing and delaying to obtain SCORES authentication and is liable for a monetary penalty of Rs. 10,00,000 under Section 15HB of the SEBI Act. The Noticee obtained authentication only in August 2017, after issuance of the Show Cause Notice and nearly five years after the September 14, 2012 deadline.
Full text
Adjudication Order in the matter of Unique Estates Development Co. Ltd. Page 2 of 13 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 Unique Estates Development Co. Ltd. Page 3 of 13 securities from BSE, to which the Noticee had submitted a reply vide e-mail dated April 26, 2017 clarifying that the Noticee has no objection if the securities of the company are delisted from BSE. d. that the Noticee does not in any way, intend to be listed on any Stock Exchange and has therefore not obtained SCORES authentication.
Adjudication Order in the matter of Unique Estates Development Co. Ltd. Page 4 of 13 a. that subsequent to issuance of Show Cause Notice dated June 21, 2017, the Noticee by letter dated August 08, 2017 had submitted Form “A” for obtaining authentication for SCORES as required by SEBI Circular dated December 18, 2014 bearing reference no. CIR/OIAE/1/2014; b. that after submission of the aforesaid letter, SEBI vide email dated August 18, 2017, provided login id and password to the Noticee Company and thereby provided authentication for SCORES to the Noticee Company; c. that after obtaining the login id and password, the Noticee logged in their account which was granted to them by SEBI vide e-mail dated August 21, 2017. There was no investor complaint against the Company; d. the Noticee has further reiterated the following mitigating factors : (i) That the paid up share capital of the company is Rs.5,00,000/- only; (ii) That the shares of the company were last traded on July 07, 2005, and thereafter trading in the shares of the company was suspended by the Stock Exchange; (iii) That in past, the Noticee made several representations to BSE for delisting the shares of the company; (iv) That there is no investor complaint pending against the company.
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Source: SecMarx — sebi:AO/AK/70/2017. 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.