sebi:EAD-2/AO/DSR/RG/PU/272/2014
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Facts / Headnote
Adjudication proceedings disposed of via settlement on payment of settlement charges
Regulations
- Reg. 17
- Reg. 15(1)
Holding
In terms of Regulation 15(1) of the Settlement Regulations, the adjudication proceedings initiated against the Applicant vide Show Cause Notice No. EAD-2/PU/8074/2014 dated March 14, 2014 are disposed of upon payment of Rs. 6,92,750 towards settlement charges.
Full text
Page 2 of 3 Regulation Due date of compliance Actual date of compliance Delay 8 (3) 30/04/1998 09/06/2009 4058 8 (3) 30/04/1999 09/06/2009 3693 8 (3) 30/04/2000 09/06/2009 3327 8 (3) 30/04/2001 09/06/2009 2962 8 (3) 30/04/2002 09/06/2009 2597 8 (3) 30/04/2003 09/06/2009 2232 8 (3) 30/04/2004 09/06/2009 1866 8 (3) 30/04/2005 09/06/2009 1501 8 (3) 30/04/2006 09/06/2009 1136 8 (3) 30/04/2007 09/06/2009 771 8 (3) 30/04/2008 09/06/2009 405 8 (3) 30/04/2009 15/04/2013 1081 8 (3) 30/04/2010 15/04/2013 716 8 (3) 30/04/2011 15/04/2013 351
Page 3 of 3 4. Accordingly the Applicant has remitted a sum of ` 6,92,750/- (Rupees Six Lakh Ninety Two Thousand Seven Hundred and Fifty Only), vide demand draft bearing no. 204802 dated October 07, 2014, drawn on State Bank of Bikaner & Jaipur, payable at Mumbai, towards the terms of settlement in the matter.
3. Pending the adjudication proceedings, the Applicant vide its letter dated May 14, 2014 filed an application for settlement and an affidavit of 'Undertakings and Waivers' under the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 (hereinafter referred to as Settlement Regulations) by proposing to pay ` 2,00,000/- (Rupees Two Lakh Only) towards settlement fees, in the matter. The Applicant, vide letter dated June 17, 2014, submitted the revised settlement terms of ` 6,92,750/- (Rupees Six Lakh Ninety Two Thousand Seven Hundred and Fifty Only) towards the settlement of the alleged violations. The revised settlement terms as proposed by the Applicant were placed before the High Powered Advisory Committee (HPAC) in its meeting held on July 22, 2014. After considering the facts and circumstances of the case, the HPAC recommended that the case may be settled on payment of ` 6,92,750/- (Rupees Six Lakh Ninety Two Thousand Seven Hundred and Fifty Only) towards settlement charges which were approved by the panel of the Whole Time Members, SEBI on September 22, 2014. Thereafter, the acceptance of the said proposal was communicated to the Applicant by SEBI vide e-mail dated September 29, 2014.
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Source: SecMarx — sebi:EAD-2/AO/DSR/RG/PU/272/2014. 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.