sebi:EAD-2/AO/DSR/BKM/568-569/2016
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Facts / Headnote
Settlement order disposing of adjudication proceedings initiated via Show Cause Notices dated October 17, 2014, on payment of Rs.8,84,000/-
Regulations
- Reg. 17
- Reg. 15(1)
Holding
The adjudication proceedings initiated against the Noticees vide Show Cause Notices dated October 17, 2014 are disposed of pursuant to settlement on payment of Rs.8,84,000/-, in terms of Regulation 15(1) of the Settlement Regulations.
Full text
Page 2 of 3 3. Pending the adjudication proceedings, the noticees submitted a Settlement Application dated November 07, 2014 and an undertaking in the format prescribed by SEBI in terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014. (hereinafter referred to as ‘Settlement Regulations’)
Page 3 of 3 ii. the noticees have breached any of the clauses/conditions of undertakings/waivers filed during the current settlement proceedings.
4. Pursuant to the said application, the Authorized Representatives attended the IC meeting on behalf of the Noticees. The revised settlement terms as proposed by the Noticees vide their application dated November 07, 2014 for an amount of Rs.8,84,000/- ( Rupees Eight Lakh Eighty Four Thousand Only) was placed before the High Powered Advisory Committee (HPAC) in its meeting held on 12th June, 2015. After considering the facts and circumstances of the case, the HPAC recommended that the case may be settled on payment of Rs.8,84,000/-( Rupees Eight Lakh Eighty Four Thousand Only ) which were approved by the panel of the Whole Time Members, SEBI on 11th August, 2015.
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Source: SecMarx — sebi:EAD-2/AO/DSR/BKM/568-569/2016. 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.