sebi:AO/SBM/EAD/103/2018
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Facts / Headnote
Penalty of Rs.1,00,000 imposed on Multi Arc India Limited under Section 15HB of the SEBI Act for failure to obtain SCORES authentication
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Parties
- Multi Arc India Limited
Holding
Multi Arc India Limited, being a listed entity on BSE as on the date of the SCN, failed to obtain SCORES authentication in violation of SEBI SCORES circulars and is liable for penalty under Section 15HB of the SEBI Act. A penalty of Rs.1,00,000 is imposed as commensurate with the default.
Full text
Page 2 of 7 company to obtain SCORES authentication would not only be deemed as non- redressal of investor grievances, but, also indicate wilful avoidance of the same.
Page 3 of 7 opportunity of hearing on January 02, 2018. However, Noticee has failed to respond to the SCN and also failed to appear for the hearing on the stipulated date. In view of the above reasons, I am compelled to proceed further in the matter on the basis of facts/material on record. CONSIDERATION OF ISSUES AND FINDINGS:
Page 4 of 7 Inspite of the letter addressed by SEBI on December 2, 2013 in that behalf the appellant had failed to do the needful. It is on record that the appellant had applied for SCORES authentication only on June 12, 2014 and the authentication was granted on June 13, 2014. Various reasons given by the appellant for not complying with the directions of SEBI within the stipulated time and the fact that the investors’ grievances have been redressed before the issuance of the show cause notice, do not obliterate the violations of the law committed prior to issuance of the show cause notice .
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Source: SecMarx — sebi:AO/SBM/EAD/103/2018. 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.