sebi:AO/SM-LS/ERO/24/2016
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Facts / Headnote
Penalty imposed on Noticee for failure to obtain SCORES authentication
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Holding
The Noticee was held liable for failing to obtain SCORES authentication as required by SEBI Circulars CIR/OIAE/1/2012 and CIR/OIAE/1/2013, and a penalty of Rs. 2,50,000 was imposed under Section 15HB of the SEBI Act.
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 authentication by December 18, 2013. As the Noticee had failed to obtain authentication by December 18, 2013 a SCN dated March 06, 2015 was issued to the Noticee.
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” (Emphasis supplied)
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Source: SecMarx — sebi:AO/SM-LS/ERO/24/2016. 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.