sebi:AO/SBM/EAD-1/326/2018
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Facts / Headnote
Total penalty of Rs. 5,00,000 imposed on the Noticee
Provisions invoked
- s. 21
- s. 23E
- s. 23
- s. 23J
Regulations
- Reg. 103
Parties
- M/s SMS Techsoft (India) Ltd
Holding
The Adjudicating Officer held that M/s SMS Techsoft (India) Ltd violated Clauses 41 and 49(II)(A)(iii) of the Equity Listing Agreement read with Section 21 of SCRA and imposed a total penalty of Rs. 5,00,000 under Section 23E of SCRA.
Full text
Page 2 of 14 buying, selling or dealing in the securities market, either directly or indirectly, in any manner whatsoever, till further directions.
Page 3 of 14 in the interim order, which also includes proceedings initiated against the Noticee under the relevant provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’), SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (‘PFUTP Regulations’) and also under the relevant provisions of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA’). During the course of investigation by SEBI, it was observed that the Noticee, which is a company listed on the Bombay Stock Exchange (hereinafter referred to as ‘BSE’), had failed to submit the quarterly financial statement to BSE for the quarter ended March 2012 and also failed to appoint an independent director as the Chairman of its Audit Committee for the FYs 2011-12 & 2012-13.
Page 4 of 14 violation of the provisions of Clauses 41 and 49(II)(A)(iii) of the Equity Listing Agreement read with section 21 of SCRA, by the Noticee.
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Source: SecMarx — sebi:AO/SBM/EAD-1/326/2018. 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.