sebi:EAD-5/SVKM/AO/07/2016-17
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Section 15HB of SEBI Act, 1992 for failure to obtain prior approval for change in control
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 2(54)
- s. 196
Regulations
- Reg. 13
- Reg. 2
- Reg. 199
- Reg. 8
- Reg. 9A
- Reg. 8A
- Reg. 9A(1)
Parties
- SB Capital Consultants Pvt. Ltd.
Holding
The noticee violated Regulation 9A(1)(a) of SEBI (Merchant Bankers) Regulations, 1992, Clause 3 of Code of Conduct under Regulation 13, and SEBI Circular CIR/MIRSD/14/2011 by failing to obtain prior SEBI approval for change in control when Ms. Bobby Singh's shareholding increased from 22.22% to 72.22%. A penalty of Rs. 1,00,000 under Section 15HB of SEBI Act, 1992 was imposed.
Full text
Adjudication Order against SB Capital Consultants Pvt. Ltd. Page 2 of 11 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 3. Show Cause Notice dated May 31, 2016 (hereinafter referred to as “SCN”) was issued to the noticee in terms of Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) read with section 15I of SEBI Act, 1992 to show cause as to why an inquiry should not be initiated and penalty be not imposed under section 15HB of SEBI Act, 1992 for the alleged contravention of the provisions of Regulation 9A (1) (a) of SEBI (MB) Regulations, 1992, Clause 3 of Code of Conduct as specified under Regulation 13 of SEBI (MB) Regulations, 1992, and SEBI Circular CIR/MIRSD/14/2011, dated August 02,
Adjudication Order against SB Capital Consultants Pvt. Ltd. Page 3 of 11 when her shareholding has increased from 22.22% as on 06/08/2013 to 72.22% as on 15/01/2015.
Adjudication Order against SB Capital Consultants Pvt. Ltd. Page 4 of 11 7. Provisions of Regulation 9A (1) (a) of SEBI (MB) Regulations, 1992, Clause 3 of Code of Conduct as specified under Regulation 13 of SEBI (MB) Regulations, 1992, and SEBI Circular CIR/MIRSD/14/2011, dated August 02, 2011 read as under: -
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Source: SecMarx — sebi:EAD-5/SVKM/AO/07/2016-17. 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.