sebi:AO/VKV-AS/01/2018

SEBI · SEBI · 2015-03-30 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 2,00,000 imposed on Noticee under Section 15C of SEBI Act, 1992

Provisions invoked

• s. 15
• s. 15I
• s. 15J
• s. 15C

Parties

• M/s Nuchem Limited

Holding

The Noticee failed to redress pending investor grievances despite being called upon by SEBI and is liable for monetary penalty, and a penalty of Rs. 2,00,000 under Section 15C of the SEBI Act, 1992 is imposed.

Full text

Adjudication order in respect of M/s Nuchem Limited January 4, 2018 Page 2 of 4 APPOINTMENT OF ADJUDICATING OFFICER 2. The undersigned was appointed as Adjudicating Officer, vide order dated March 30, 2015, under section 15-I of SEBI Act and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) to enquire into and adjudge under section 15C of Securities and Exchange Board of India, Act, 1992 (hereinafter referred to as "SEBI Act, 1992”) for the alleged violations committed by the Noticee. SHOW CAUSE NOTICE, REPLY AND HEARING

Adjudication order in respect of M/s Nuchem Limited January 4, 2018 Page 3 of 4 4. Considering the facts and circumstances of the case including the fact that the Noticee has not availed the opportunity of hearing before the previous Adjudicating Officer, the undersigned is of the opinion that no prejudice would be caused to the Noticee in the given matter if another opportunity of hearing under Rule 4 (3) of Adjudication Rules is not provided to it.

Adjudication order in respect of M/s Nuchem Limited January 4, 2018 Page 4 of 4 9. A listed company is expected to comply with the extant regulatory and statutory requirements. As already observed, the Noticee failed in resolving the investor grievances pending against it, despite being called upon to do so by SEBI. Therefore, the Noticee is also liable for monetary penalty under Section 15C of the SEBI Act, 1992.

Source: SecMarx — sebi:AO/VKV-AS/01/2018. 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.