sebi:CO/ISD/482/33/2008
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Facts / Headnote
Consent order disposing of the show cause notice dated November 6, 2007 and enquiry proceedings; settlement charges of Rs. 2,35,58,673.55 plus accrued interest to be transferred to SEBI.
Regulations
- Reg. 3(a)
Parties
- applicants
Holding
The applicants' pending proceedings under the show cause notice dated November 6, 2007 and the enquiry proceedings are disposed of pursuant to this consent order, on the applicants agreeing to transfer Rs. 2,35,58,673.55 plus accrued interest to SEBI as settlement charges.
Full text
2 applicants for the alleged violation of the provisions of the SEBI Act, 1992 and Regulation 3(a) and (c) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. On completion of the Investigation SEBI also issued a show cause notice dated November 6, 2007 under Sections 11(4) and 11B of the SEBI Act,1992. The said proceedings are pending against the applicants.
3 Hundred Seventy Three and Fifty Five Paise Only) plus the interest accrued thereon till the date of transfer. 8. This is without prejudice to the right of SEBI to take enforcement action including commencing / reopening of the pending proceedings against the applicant, if SEBI finds that : a. any representations made by the applicants in the consent proceedings are subsequently discovered to be untrue. b. the applicants have breached any of the clauses / conditions of undertakings/waivers filed during the current consent proceedings.
4. In the meanwhile, the applicants, vide letter dated January 29, 2008, proposed settlement of the pending proceedings through a consent order. The consent terms proposed by the applicants were placed before the High Powered Advisory Committee (HPAC) and the HPAC after considering the fact that it was the first regulatory intervention during the course of operations of the applicants as FII, recommended that, the case may be settled if the applicants were agreeable to pay the amount withheld pursuant to SEBI
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Source: SecMarx — sebi:CO/ISD/482/33/2008. 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.