sebi:EAD-2/AO/73/2012
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Facts / Headnote
Violation found; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15C
Holding
The Noticee violated Section 15C and Section 15A(a) of the SEBI Act for failure to redress investor grievances and failure to submit ATR/authentication under SCORES, and a total penalty of Rs. 5,00,000 was imposed.
Full text
Page 2 of 9 pending grievances and was also advised to submit a letter from BSE and other stock exchanges on which the shares of the Noticee were listed stating the status of the investor grievances. However, the Noticee did not redress the investor grievances, failed to submit the ATR and obtain letters from the stock exchanges. Further, with reference to the SEBI Circular No. CIR/OIAE/2/2011 dated June 03, 2011, SEBI vide its letter dated October 11, 2011, November 22, 2011 and January 16, 2012 advised the Noticee to forward information as required under Point No. 04 of the said circular and also to send the scanned copy / soft copy of the authentication to scores@sebi.gov.in and sebiwro@sebi.gov.in. However, the Noticee failed to comply with the same.
Page 3 of 9 6. The SCN was sent to the Noticee by Registered Post Acknowledgment Due and the same was duly delivered. The Noticee vide its letter dated July 17, 2012 replied to the said SCN. In the interest of natural justice and in order to conduct an inquiry as per Rule 4 (3) of the Adjudication Rules, the undersigned vide letter dated August 13, 2012 granted an opportunity of personal hearing to the Noticee on August 23, 2012. The Noticee did not attend the said hearing. However, the Noticee vide its letter dated August 22, 2012 made further written submissions. Another opportunity of personal hearing was granted to the Noticee on September 28, 2012. However, the Noticee did not attend the said hearing and vide letter dated September 20, 2012 reiterated the submissions made in its letter dated August 22, 2012.
Page 4 of 9 (a) to furnish any document, return or report to the Board, fails to furnish the same, he shall be liable to a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less;
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Source: SecMarx — sebi:EAD-2/AO/73/2012. 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.