sebi:EAD/KS/AA/AO/48/2017-18
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Facts / Headnote
Violation of Sections 11C(2) and 11C(3) found; penalty of Rs. 2,00,000 imposed under Section 15A(a); allegation under Section 11C(5) held not maintainable.
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 11(2)
- s. 15H
- s. 15I
- s. 15J
- s. 12
- s. 15F
- s. 11C(2)
- s. 11C(5)
Parties
- Shri Ashwin Bhandari
Holding
The Noticee violated Sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with summons for production of documents/information and is liable to a penalty of Rs. 2,00,000 under Section 15A(a); the allegation of violation of Section 11C(5) is not maintainable.
Full text
Page 2 of 17 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 17 Table 1 Shri Ashwin Bhandari Date of issuance of summons under Section 11(2), 11C(3) and (5) of the SEBI Act (for production of documents) May 27, 2016 June 02, 2016 June 13, 2016 Date of delivery June 06, 2016 June 15, 2016 Refused to accept
Page 4 of 17 8. The Noticee vide email and letter dated November 11, 2017 submitted his reply to the SCN. The Noticee inter alia made the following submissions in the said letter: “At the outset, I strongly deny and refute whatever alleges in the Show Cause Notice. The allegations made in the Show Cause Notice are vague. I had complied the Summons issued by SEBI and provided the requisite informations.
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Source: SecMarx — sebi:EAD/KS/AA/AO/48/2017-18. 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.