sebi:EAD/KS/AA/AO/36/2017-18
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Facts / Headnote
Penalty imposed on the Noticee for failure to obtain SCORES authentication
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- Prime Petro Products Limited
Holding
The Noticee, Prime Petro Products Limited, violated SEBI circulars by failing to obtain SCORES authentication while it was listed, and a penalty of Rs. 1,00,000 was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 10 Consolidated Circular further inter alia stated that failure by any listed company to obtain SCORES authentication would not only be deemed as non-redressal of investor grievances, but also indicate wilful avoidance of the same and that failure to take action under the rescinded circulars before the date of issuance of SEBI Consolidated Circular, shall be deemed to have been done or taken or commenced under the provisions of SEBI Consolidated Circular.
Page 3 of 10 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 4. A Show Cause Notice dated July 20, 2017 (hereinafter referred to as "SCN") was issued to the Noticee under rule 4(1) of the Adjudication Rules to show cause as to why an inquiry should not be held against it in terms of rule 4 of the Adjudication Rules read with section 15-I of SEBI Act and penalty be not imposed under Section 15HB of the SEBI Act for the alleged violation of provisions of the SEBI circulars No. CIR/OIAE/2/2011 dated June 03, 2011, CIR/OIAE/1/2012 dated August 13, 2012, CIR/OIAE/1/2013 dated April 17, 2013 and CIR/OIAE/1/2014 dated December 18, 2014 by not obtaining SCORES authentication.
Page 4 of 10 given time till November 07, 2017 to provide any submissions/ documents in respect of the SCN. As per postal records, the said hearing notice dated November 03, 2017 was delivered to the Noticee. However, neither did the Noticee appear on the date scheduled for the personal hearing, nor did the Noticee file any reply in the matter till date.
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Source: SecMarx — sebi:EAD/KS/AA/AO/36/2017-18. 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.