sebi:AO/VKV-DL/47/2016
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Facts / Headnote
Adjudication proceedings disposed of without imposition of penalty
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 15C
- s. 46
- s. 447
Parties
- M/s ACE Edutrend Ltd. (Formerly Known as ACE India Ltd.)
Holding
The adjudication proceedings against M/s ACE Edutrend Ltd. were disposed of with no monetary penalty, as the allegation of failure to obtain SCORES authentication and to redress investor grievances under Section 15C of the SEBI Act, 1992 was held not established.
Full text
Adjudication order in respect of M/s ACE Edutrend Ltd. (Formerly Known as ACE India Ltd.) February 22, 2016 Page 2 of 8 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 November 14, 2011 and January 19, 2012 was 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. But both the letters were undelivered.
Adjudication order in respect of M/s ACE Edutrend Ltd. (Formerly Known as ACE India Ltd.) February 22, 2016 Page 3 of 8 5. It was alleged that by not submitting the details for authentication as required by the Circular and further required by the two letters dated November 14, 2011 and January 19, 2012, 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').
Adjudication order in respect of M/s ACE Edutrend Ltd. (Formerly Known as ACE India Ltd.) February 22, 2016 Page 4 of 8 Bagh, New Delhi-110005” of the Noticee through Postal Department. However, same was undelivered.
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Source: SecMarx — sebi:AO/VKV-DL/47/2016. 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.