sebi:EAD-12/AO/SM/162/2018
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee under Section 15HB of SEBI Act, 1992
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- M/s Saraf Sons (Traders) Limited
Holding
The Noticee violated SEBI SCORES Circulars dated June 03, 2011, August 13, 2012, April 17, 2013 and December 18, 2014 by failing to obtain SCORES authentication, attracting penalty under Section 15HB of SEBI Act, 1992, and a penalty of Rs. 1,00,000 was imposed.
Full text
In the matter of M/s Saraf Sons (Traders) Limited Page 2 of 8 comply with the said directions of the SEBI Consolidated Circular.
In the matter of M/s Saraf Sons (Traders) Limited Page 3 of 8 7. Submission by the Noticee: 7.1. Pursuant to the SCN and Personal Hearing Notice, the Noticee informed that “since there is a longstanding dispute in the promoter family, resulting in these and many other issues, not being addressed in time. Requested for additional time to make submissions in detail, so that we are able to satisfy you completely”.
In the matter of M/s Saraf Sons (Traders) Limited Page 4 of 8 the due to non-authentication with SEBI SCORES the Company has not made any disproportionate gain or unfair advantage. vi. We would also like to state that before issue of the Show Cause Notice in past no actions have been taken by SEBI against the Company. Also, non- compliance of the said SCORES Circulars were not intentional but were due to lack of awareness and professional guidance. vii. Given the above mentioned background and considering that the Company was suspended for over a decade and considering that the Company has discontinued to be a listed Company and considering that no harm or prejudice has been caused to investors and also no undue advantage has been taken by the Company from non-authentication with SCORES and considering that the Company has been facing financial hardships we humbly request you to take lenient view in the matter which was due to lack of awareness about SEBI Circulars and lack of legal interpretation expertise due to lack of professional guidance.
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Source: SecMarx — sebi:EAD-12/AO/SM/162/2018. 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.