sebi:AS/AO-02/2012
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Facts / Headnote
Penalty imposed on the Noticee for failure to redress investor grievances and failure to furnish Action Taken Report
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15C
Parties
- Roselabs Industries Ltd.
Holding
The Noticee, Roselabs Industries Ltd., was held liable for violating Section 15C and Section 15A(a) of the SEBI Act, 1992 by failing to redress investor grievances within the time specified by the Board and failing to furnish the Action Taken Report, and a combined penalty of Rs. 12,00,000 was imposed.
Full text
Page 2 of 8 the Noticee or the Noticee's representatives attended the meeting mentioned earlier. 2. It was therefore alleged that despite being called upon to do so the Noticee has failed to redress the pending investor grievances within the time specified by the Board and also failed to furnish the Action Taken Report in this regard resulting in violation of Section 15C and 15A (a) of the Securities and Exchange Board of India Act, 1992.
Page 3 of 8 5. In view of the above, the Noticee was advised to show cause vide SCN dated May 12, 2011 as to why an Inquiry should not be held against the Noticee in terms of Rule 4 of the SEBI (Procedure for holding inquiry and imposing penalties by Adjudicating Officer) Rules, 1995 and why penalty should not be imposed on them under Sections 15C and 15A (a) of the Act.
Page 4 of 8 resolution of complaints, however, once again, no proof in this regard was submitted. 9. It is observed that subsequent to the above, investor grievances are now being redressed online through the SCORES system. In terms of application by the Noticee dated 15th March, 2012, an account was created and complaints were being forwarded electronically through the SCORES system. In spite of this, the complaints remained pending and in fact increased to 33 as on 21st August, 2012.
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Source: SecMarx — sebi:AS/AO-02/2012. 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.