sebi:AO/VKV-DL/199/2016

SEBI · SEBI · 2011-06-03 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Proceedings disposed of; no penalty imposed

Provisions invoked

• s. 15
• s. 15I
• s. 15J
• s. 15C

Parties

• M/s Orosil Smiths India Limited

Holding

The Noticee was not found to have failed to resolve investor grievances, as it had obtained SCORES authentication and resolved the pending complaint within the stipulated time. Consequently, no monetary penalty was imposed under Section 15C of the SEBI Act, 1992.

Full text

Adjudication order in respect of M/s Orosil smiths India Limited April 06, 2016 Page 2 of 6 2. In order to further remind the Noticee about the compliance with the requirements as laid down in the SEBI Circular dated June 03, 2011, letters dated June 19, 2013 and May 30, 2013 were sent to the Noticee informing about the commencement of processing of investor complaints in a centralized web based complaints redress system SCORES in terms of the Circular and advising the Noticee to send the information (i.e. details for authentication) as required in the Circular, at the earliest.

Adjudication order in respect of M/s Orosil smiths India Limited April 06, 2016 Page 3 of 6 5. 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 Orosil smiths India Limited April 06, 2016 Page 4 of 6 9. A Notice under Rule 4 (1) of the Adjudication Rules was published on February 28, 2016 in the national daily and regional newspaper(s) at the registered office place of the Noticee, whereby the Noticee was advised to collect the copy of the SCN issued within 07 days of publication of the aforesaid notice and to submit its reply if any, within 14 days thereafter. However, the Noticee neither collected the copy of the SCN issued nor submitted its reply in response to the published notice.

Source: SecMarx — sebi:AO/VKV-DL/199/2016. 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.