sebi:AO/VKV-DL/07/2017
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Facts / Headnote
Adjudication proceedings initiated vide Show Cause Notice dated January 29, 2016 disposed of without penalty
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
Parties
- M/s Rizvi Exports Ltd
Holding
The allegation that the Noticee failed to resolve investor grievances was held not established, and the Noticee was held not liable for monetary penalty under Section 15C of the SEBI Act, 1992. The adjudication proceedings were accordingly disposed of.
Full text
Adjudication order in respect of M/s Rizvi Exports Ltd July 27, 2017 Page 2 of 4 3. It was alleged that by not submitting the details for authentication as required by the Circular and further required by the two letters, Noticee did not obtain the user id and password which was essential for accessing the complaints pertaining to it, as uploaded on the SCORES for redressing the investors grievances and subsequent redressal thereof, within specified time. Thus, it was alleged that Noticee had failed to redress the investor grievances which renders the Noticee liable for imposition of penalty under Section 15C of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act, 1992'). APPOINTMENT OF ADJUDICATING OFFICER
Adjudication order in respect of M/s Rizvi Exports Ltd July 27, 2017 Page 3 of 4 8. In the interest of natural justice and in order to conduct an inquiry in terms of Rule 4(3) of the Adjudication Rules, the undersigned issued a notice of personal hearing vide hearing notice no. NRO/OW/AO/VKV/AS/HN/457/2017 dated April 17, 2017 to attend the hearing in the matter on April 25, 2017 at SEBI Northern Regional Office (NRO), New Delhi. However, the said Notice of hearing was returned undelivered.
Adjudication order in respect of M/s Rizvi Exports Ltd July 27, 2017 Page 4 of 4 13. Since, the Noticee had obtained SCORES authentication and had taken necessary steps of resolving the pending investor grievance(s); I hold that the allegation of not resolving investor grievances, as alleged in the SCN, does not stand established.
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Source: SecMarx — sebi:AO/VKV-DL/07/2017. 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.