sebi:EAD-2/DSR/RG/856/2017

SEBI · SEBI · 2017-08-16 · D Sura Reddy, General Manager & Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of on settlement upon 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 Noticee vide SCN dated March 03, 2017 are disposed of via this Settlement Order upon payment of Rs 2,00,000 towards settlement charges.

Full text

Page 2 of 2 were deliberated. Thereafter, vide letter dated August 16, 2017, the Noticee proposed the revised settlement terms to settle the defaults mentioned above. The settlement terms as proposed by the Noticee were placed before the High Powered Advisory Committee (HPAC) in its meeting held on September 04, 2017. After considering the facts and circumstances of the case, the HPAC recommended that the settlement application may be settled on payment of the ` 2,00,000/- (Rupees Two Lakh Only) towards settlement

charges which were approved by the panel of the Whole Time Members, SEBI on October 10, 2017. 5. Accordingly, vide letter dated November 03, 2017, the Noticee has remitted a sum of ` 2,00,000/- (Rupees Two Lakh Only) vide demand draft No. 130882 dated November 02, 2017, drawn on Central Bank of India towards the terms of settlement in the matter.

6. In view of the above, in terms of Regulation 15(1) of the Settlement Regulations, it is hereby ordered that this Settlement Order disposes of the adjudication proceedings initiated against the Noticee vide the SCN dated March 03, 2017.

Source: SecMarx — sebi:EAD-2/DSR/RG/856/2017. 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.