sebi:AO/SM-LS/ERO/18/2016
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Facts / Headnote
Penalty of Rs. 1,50,000 imposed under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Holding
The Noticee violated SEBI Circulars CIR/OIAE/1/2012 and CIR/OIAE/1/2013 by failing to obtain SCORES authentication within the stipulated time, attracting penalty under Section 15HB of the SEBI Act. A monetary penalty of Rs. 1,50,000 was imposed against the Noticee.
Full text
Page 2 of 5 15HB 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 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?
Page 4 of 5 comply with the directions of SEBI and it is only when SEBI initiated penalty proceedings, the appellant chose to comply with the directions of SEBI. Therefore, in the facts of the present case appellant deserved higher penalty. However, after taking all the factors set out by the appellant as mitigating factors, the adjudicating officer of SEBI has imposed nominal penalty of Rs. 1,50,000/- as against the imposable penalty of Rs. 1 crore. In such a case, it cannot be said that the penalty imposed is excessive or unreasonable”
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Source: SecMarx — sebi:AO/SM-LS/ERO/18/2016. 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.