sebi:EAD-3/JS/GSS/2008/2018-19
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Facts / Headnote
Held ex-parte that Noticee violated Section 11C(2) read with 11C(3) and imposed penalty of Rs. 15,00,000 under Section 15A(a)
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 11C
- s. 12
- s. 15F
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 10
Parties
- Cosmo Corporate Services Ltd.
Holding
The Noticee violated Section 11C(2) read with Section 11C(3) of the SEBI Act, 1992 by failing to comply with summons issued by the Investigating Authority and is liable to monetary penalty of Rs. 15,00,000 under Section 15A(a) of the SEBI Act, 1992.
Full text
Adjudication Order No. EAD-3/JS/GSS/2008/2018-19 Adjudication order in the matter of Cosmo Corporate Services Ltd. 2 SHOW CAUSE NOTICE, WRITTEN SUBMISSIONS, PERSONAL HEARING
Adjudication Order No. EAD-3/JS/GSS/2008/2018-19 Adjudication order in the matter of Cosmo Corporate Services Ltd. 3 FINDINGS 8. The texts of the said provisions are reproduced as under :- Investigation. 11C. (1) Where the Board has reasonable ground to believe that— (a) the transactions in securities are being dealt with in a manner detrimental to the investors or the securities market; or (b) any intermediary or any person associated with the securities market has violated any of the provisions of this Act or the rules or the regulations made or directions issued by the Board thereunder, it may, at any time by order in writing, direct any person (hereafter in this section referred to as the Investigating Authority) specified in the order to investigate the affairs of such intermediary or persons associated with the securities market and to report thereon to the Board. (2) Without prejudice to the provisions of sections 235 to 241 of the Companies Act, 1956 (1 of 1956), it shall be the duty of every manager, managing director, officer and other employee of the company and every intermediary referred to in section 12 or every person associated with the securities market to preserve and to produce to the Investigating Authority or any person authorised by it in this behalf, all the books, registers, other documents and record of, or relating to, the company or, as the case may be, of or relating to, the intermediary or such person, which are in their custody or power. (3) The
Adjudication Order No. EAD-3/JS/GSS/2008/2018-19 Adjudication order in the matter of Cosmo Corporate Services Ltd. 4 Sr.No Entities Connection 1 Master Finlease Ltd (MFL) Entities at Sr No.1 and 2 (Master Finlease and Avisha Credit Capital) have submitted vide letters dated March 10, 2014 each (Ann.32) that they were related to each other and not related to other entities.
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Source: SecMarx — sebi:EAD-3/JS/GSS/2008/2018-19. 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.