sebi:EAD/KS/AA/AO/45/2017-18
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed ex parte for violation of Sections 11C(2) and 11C(3)
Provisions invoked
- s. 15A
- s. 15
- s. 11(2)
- s. 15J
- s. 12
- s. 15F
- s. 11C(2)
- s. 11C(5)
Parties
- Shri Shailesh Patel
Holding
The Noticee violated Sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with summons dated January 22, 2016, February 11, 2016 and March 22, 2016, but did not violate Section 11C(5), and a penalty of Rs. 2,00,000 under Section 15A(a) was imposed.
Full text
Page 2 of 10 documents. However, the Noticee failed to comply with the summons. In view of the same, SEBI has initiated adjudication proceedings under Section 15A(a) of the SEBI Act against the Noticee for allegedly violating the provisions of Sections 11C(2), 11C(3) and 11C(5) of the SEBI Act.
Page 3 of 10 Table 1 Shri Shailesh Patel Date of issuance of summons under Section 11(2), 11C(3) and (5) of the SEBI Act (for production of documents) January 22, 2016 February 11, 2016 March 22, 2016 Date of delivery January 25, 2016 February 25, 2016 March 31, 2016
Page 4 of 10 to submit his reply to SCN on or before November 08, 2017. As per details available from India Post website for article tracking, it is seen that the said hearing notice was delivered to the Noticee. Further, no delivery failure notification was received from five of the above referred email addresses of the Noticee. However, the Noticee failed to submit his reply to the SCN and also did not attend the hearing on November 17, 2017.
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Source: SecMarx — sebi:EAD/KS/AA/AO/45/2017-18. 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.