sebi:EAD-12/AO/SM/136/2017

SEBI · SEBI · 2016-12-14 · Sahil Malik, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 1,00,000 imposed under Section 15HB; proceedings under Section 15C dropped

Provisions invoked

• s. 15
• s. 15H
• s. 15J
• s. 15C

Parties

• Gloria Leasing Ltd.

Holding

The Noticee was held liable for failing to obtain SCORES authentication as required by SEBI Circular dated August 13, 2012, and a penalty of Rs. 1,00,000 was imposed under Section 15HB of the SEBI Act. Proceedings under Section 15C were dropped because the statutory precondition of being called upon by the Board in writing to redress grievances was not fulfilled.

Full text

In the matter of Gloria Leasing Ltd. Page 2 of 7 and Rule 3 of SEBI (Procedure of Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under Section 15C and 15HB of SEBI Act for the alleged violations. Pursuant to his transfer, Shri S.V. Krishnamohan, was appointed as the Adjudicating Officer vide Order dated December 14, 2016. Subsequent to the transfer of case, the undersigned was appointed as Adjudicating Officer vide

In the matter of Gloria Leasing Ltd. Page 3 of 7 decide the matter ex-parte taking into account the evidence/material available on record.

In the matter of Gloria Leasing Ltd. Page 4 of 7 available on record to indicate that notice was called upon the Board in writing- Thus, the requirement under 15C of the SEBI Act which states that “after having been called upon by the Board in writing remains unfulfilled.

Source: SecMarx — sebi:EAD-12/AO/SM/136/2017. 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.