sebi:CO/ISD/920/171/2009
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Facts / Headnote
Disposed of via consent on payment of settlement charges
Provisions invoked
- s. 11
Holding
This consent order disposes of the pending proceedings under sections 11 and 11B of the SEBI Act, 1992 and the enquiry proceedings arising out of show cause notice dated November 22, 2006 in the matter of IPO irregularities against the applicant upon payment of Rs. 4,00,000 towards settlement charges without admitting or denying the charges.
Full text
2 of 3 the applicant not to open fresh demat accounts as a depository participant till further directions. After hearing the applicant, SEBI, vide order dated July 28, 2006, revoked the directions against the applicant and initiated enquiry proceedings under the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. The Enquiry Officer issued a show cause notice dated November 22, 2006. The applicant furnished reply to the show cause notice vide letter dated December 19, 2006 and attended personal hearing before the Enquiry Officer on January 15, 2007. SEBI issued another interim order dated November 21, 2006, under section 11 and 11B of the SEBI Act, 1992 directing the applicant, among others, to disgorge a certain amount. This
3 of 3 4. Accordingly, the applicant without admitting or denying the charges, has remitted a total sum of Rs.4,00,000/- (Rupees four lakh only) towards settlement charges vide demand draft No.757138 dated January 29, 2009 drawn on ING Vysya Bank, payable at Mumbai.
order was challenged by the applicant before the Hon’ble SAT in Appeal No.9/2007. Vide Order dated November 22, 2007, Hon’ble SAT set aside the impugned order qua the applicant leaving it open to SEBI to initiate appropriate proceedings in accordance with law.
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Source: SecMarx — sebi:CO/ISD/920/171/2009. 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.