sebi:AO/SM-LS/ERO/27/2016
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Facts / Headnote
Penalty imposed on the Noticee
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. 1,50,000/- was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 5 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 8. 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 had issued a SCN dated March 06, 2015. The Noticee provided a reply SCN vide letter dated March 19, 2015 wherein it had enclosed a form submitted to SEBI for obtaining SCORES authentication. However, from the documents available on record it was noted that the said form had not been forwarded to the concerned department of SEBI. In the interest of investors the form was thereafter forwarded to the concerned department of SEBI. Subsequently, on verifying with the department it is learnt that the Noticee has completed the required formalities and has been granted SCORES authentication as on March 17, 2016.
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/27/2016. 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.