sebi:AO/SM-LS/ERO/06/2015
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Facts / Headnote
Penalty of Rs. 1,50,000 imposed on the Noticee under Section 15HB of the SEBI Act for failure to obtain SCORES authentication as directed by SEBI Circular No. CIR/OIAE/1/2013.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Noticee (unnamed in text)
Holding
The Noticee was found to have violated SEBI Circular No. CIR/OIAE/1/2013 by failing to obtain SCORES authentication within the stipulated time, and a penalty of Rs. 1,50,000 was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 5 of SEBI Act for the alleged violation of SEBI circular by the Noticee. Pursuant to the transfer of Shri S V Krishanmohan, the undersigned was appointed as Adjudicating Officer vide Order dated June 22, 2015.
Page 3 of 5 CONSIDERATION OF ISSUES AND FINDINGS 7. I have examined the SCN, the reply and the submissions of the Noticee, and other information and documents available on record.
Page 4 of 5 income, no permanent employee, no pending investor grievance, no prejudice caused to any investor and that the shares of the appellant company were not traded for more than six years, cannot be a ground to disobey the directions given by SEBI. Obligation to obtain SCORES authentication was not dependent on there being operating income or pending investor grievance or trading of shares on the stock exchanges. Admittedly, the appellant company continues to be a listed company and, therefore, it was obligatory on part of appellant company to obtain SCORES authentication within the time stipulated by SEBI. However, the appellant has consistently failed and neglected to comply with the directions of SEBI and it is only when SEBI initiated penalty proceedings, the appellant chose to comply with the
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Source: SecMarx — sebi:AO/SM-LS/ERO/06/2015. 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.