sebi:AO/SM-LS/ERO/15/2016
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Facts / Headnote
Adjudication proceedings disposed without penalty - allegation not established
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- BEC Industries Ltd.
Holding
The Adjudicating Officer held that the allegation that BEC Industries Ltd. failed to obtain SCORES authentication was not established and disposed of the adjudication proceedings initiated vide Show Cause Notice dated March 06, 2015 without imposing penalty under Section 15HB.
Full text
Page 2 of 4 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 4 8. The issues that arise for consideration in the present case are : a) Whether the Noticee by failing to obtain SCORES authentication has failed to comply with SEBI Circular No. CIR/OIAE/1/2013 dated April 17, 2013? b) Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 HB of the SEBI Act? c) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15J of the SEBI Act? Issue 1: Whether the Noticee by failing to obtain SCORES authentication has failed to comply with SEBI Circulars?
Page 4 of 4 transferor company ceases to exist with effect from the date the amalgamation is made effective.” (Emphasis supplied)
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Source: SecMarx — sebi:AO/SM-LS/ERO/15/2016. 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.