sebi:AO/SM-LS/ERO/14/2016
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Facts / Headnote
Penalty imposed on Noticee for failure to comply with SEBI Circulars
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Noticee (unnamed in excerpt)
Holding
The Noticee was found to have violated SEBI Circulars 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 Circulars 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. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Page 3 of 5 10. The Noticee was required to comply with the SEBI Circulars within the stipulated time period as prescribed by SEBI. Since the Noticee did not comply with the SEBI Circulars, vide letter dated December 02, 2013 the Noticee was advised to obtain SCORES authentication by December 18, 2013. It is observed that the Noticee once again failed and neglected to comply. Therefore, SEBI initiated adjudication proceedings against the Noticee, and the erstwhile AO issued a SCN dated March 06, 2015.
Page 4 of 5 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/14/2016. 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.