sebi:EAD-2/AO/DSR/VVK/514/2015
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Facts / Headnote
Settled - adjudication proceedings disposed of on payment of settlement amount
Regulations
- Reg. 17
- Reg. 15(1)
Holding
The adjudication proceedings initiated against the noticee vide Show Cause Notice dated 9th May, 2014 were disposed of by settlement upon payment of Rs. 8,96,750.
Full text
Page 2 of 3 3. Pending the adjudication proceedings, the noticee submitted a Consent Application dated September 09, 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 i. any representation made by the noticees in the settlement proceedings are subsequently discovered to be untrue. 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 of the Noticee attended the IC meeting on April 27,2015 on behalf of the noticee. The revised settlement terms as proposed by the noticee vide his application dated February 12, 2015 for an amount of Rs.8,96,750/- ( Rupees eight lakh ninety six thousand seven hundred and fifty 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 `8,96,750/- (Rupees eight lakh ninety six thousand seven hundred and fifty 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/VVK/514/2015. 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.