sebi:EAD-3/JS/GSS/2296/2018-19
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Facts / Headnote
Penalty of Rs. 15,00,000 imposed on the Noticee for violation of Section 11C(2) read with Section 11C(3) of the SEBI Act, 1992
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
- Vishvas Securities Ltd.
Holding
The Noticee, Vishvas Securities Ltd., 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 a penalty of Rs. 15,00,000 was imposed under Section 15A(a) of the SEBI Act, 1992.
Full text
Adjudication Order No. EAD-3/JS/GSS/2296 /2018-19 Adjudication order in the matter of Vishvas Securities Ltd. 2 (English) and Navbharat times (Hindi) on January 18, 2019 affording the Noticee opportunity of personal hearing on February 11, 2019. However, the same was not availed by the Noticee.
Adjudication Order No. EAD-3/JS/GSS/2296 /2018-19 Adjudication order in the matter of Vishvas Securities Ltd. 3 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 Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation. Issue No. I: Whether the Noticees have violated 11C (2) read with 11C (3) of the SEBI Act, 1992?
Adjudication Order No. EAD-3/JS/GSS/2296 /2018-19 Adjudication order in the matter of Vishvas Securities Ltd. 4 14. Subsequently, investigating authority (IA) was appointed vide order dated January 20, 2014 and summons were issued to the Noticee on February 28, 2014 asking it to comment on regarding Noticee being 'person acting in concert' (PAC) based on the connection (which was also brought out in the summons itself) with Mefcom group and that they together had acquired more than 15% shareholding in Mefcom during the quarter ended June 30, 2006 and failed to comply with provisions of Regulation 10 of SAST Regulations. It is observed that Summons to the Noticee was affixed at its last known address. However, the Noticee and Vishvas Securities Ltd. did not respond to the summons.
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Source: SecMarx — sebi:EAD-3/JS/GSS/2296/2018-19. 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.