sebi:EAD-2/AO/10/2012
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Facts / Headnote
Violation established; monetary penalty of Rs. 3,00,000 imposed under Section 15A(a) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Noticee (name not stated in excerpt)
Holding
The Noticee violated Section 11C(3) read with Section 11C(2 & 5) of the SEBI Act by failing to comply with summonses issued by the Investigating Authority, and is liable for a monetary penalty of Rs. 3,00,000 under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 8 2. SEBI has therefore initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’) against the Noticee to inquire into and adjudge the alleged violations of Section 11C (3) read with Section 11C (2 & 5) of the SEBI Act.
Page 3 of 8 forwarded to the Noticee at her new address and was delivered to her. The Noticee vide letter dated November 15, 2011 acknowledged the receipt of the SCN and requested for a personal hearing and sought time till November 30, 2011 to file her written reply to the SCN. However, she failed to file any reply to the SCN. In the absence of any written reply submitted by the Noticee, the undersigned considered the matter on the basis of the material available on record and accordingly decided to conduct an inquiry. The undersigned granted an opportunity of personal hearing to the Noticee by issuing a letter dated January 20, 2012 advising her to appear before him on February 06, 2012. The notice of hearing was served on the Noticee by hand delivery. The Noticee failed to attend the said hearing and vide letter dated February 06, 2012 requested for another opportunity of personal hearing. The undersigned granted another opportunity of personal hearing to the Noticee on February 23, 2012 vide letter dated February 07, 2012 which was hand-delivered to her on February 09, 2012. However, the Noticee again failed to attend the personal hearing.
Page 4 of 8 under Section 15A (a) of the SEBI Act for the aforesaid violation? c. If yes, what should be the quantum of monetary penalty?
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Source: SecMarx — sebi:EAD-2/AO/10/2012. 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.