sebi:AO/SBM/EAD/106/2018
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Facts / Headnote
Penalty imposed on Noticee for failure to obtain SCORES authentication
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Parties
- Praman Capital Market Services Ltd
Holding
The Noticee, Praman Capital Market Services Ltd, is liable for penalty under section 15HB of the SEBI Act for failure to obtain SCORES authentication while it was a listed company on the BSE, in contravention of SEBI's circulars. A penalty of Rs. 1,00,000/- was imposed.
Full text
Page 2 of 7 2. It was observed by SEBI that Praman Capital Market Services Ltd (hereinafter referred to as ‘Noticee’/‘Company’) had failed to obtain the SCORES authentication and thereby alleged to have violated SEBI Circulars No. CIR/OIAE/2/2011 dated June 03, 2011, CIR/OIAE/1/2012 dated August 13, 2012, CIR/OIAE/1/2013 dated April 17, 2013 and CIR/OIAE/1/2014 dated December 18, 2014. Therefore, adjudication proceedings have been initiated against the Noticee under the provisions of section 15HB of the SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act’).
Page 3 of 7 affixture in terms of Rule 7(c) of the Adjudication Rules and the affixture report, in terms of the adjudication rules, is on record. The Noticee was advised to file its reply to the SCN and was also provided with an opportunity of hearing on January 02, 2018. However, the Noticee has neither filed its reply to the SCN nor appeared for the hearing fixed on the stipulated date. In view of the above
Page 4 of 7 obtaining SCORES authentication as per the repeated circulars issued by SEBI. Inspite of the letter addressed by SEBI on December 02, 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/106/2018. 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.