sebi:EAD-7/BD/NR/2019-20/7086

SEBI · SEBI · 2014-08-06 · B J Dilip, Adjudicating Officer

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Facts / Headnote

Penalty imposed on the Noticee for failure to comply with SEBI Order dated March 19, 2014

Provisions invoked

Regulations

Parties

Holding

The Noticee failed to comply with the directions issued by SEBI vide Order dated March 19, 2014 requiring divestment of its stake in 5 MIIs within 90 days (extended by four weeks by SAT), and a penalty of Rs. 10,00,000/- was imposed under Section 23H of SCRA.

Full text

Adjudication Order in the matter of Financial Technologies (India) Ltd., Page 2 of 28 dated August 6, 2014, the Noticee requested SEBI for grant of extension of time to divest its stake in MCX-SX. SEBI vide letter dated August 8, 2014 clarified that since the extension of time for complying with SEBI Order dated March 19, 2014 was permitted by the Hon’ble SAT, SEBI was not in a position to accede to its request to grant further extension of time to comply with the Order of the Hon’ble SAT. Pursuant to this, the Noticee filed a miscellaneous application before the Hon’ble SAT seeking extension of time to divest its stake in the aforesaid MIIs. The Hon’ble SAT by its Order dated August 21, 2014 had directed that “since the applicant is seeking further time, it would be just and proper for the applicant to move SEBI”. Accordingly, the Hon’ble SAT permitted the Noticee to apply before SEBI seeking extension of time. In pursuance of the Hon’ble SAT Order, the Noticee approached SEBI seeking extension of time and SEBI vide communication dated September 22, 2014 declined the request of the Noticee, since the same does not find any merit.

Adjudication Order in the matter of Financial Technologies (India) Ltd., Page 3 of 28 12, 2017. Consequent upon change in Adjudicating Officer vide Orders dated May 10, 2018 and August 9, 2019, the undersigned has been appointed as the Adjudicating Officer vide Order dated December 24, 2019.

Adjudication Order in the matter of Financial Technologies (India) Ltd., Page 4 of 28 given final opportunity of personal hearing on December 3, 2015. The Noticee vide letter dated November 27, 2015 its reply, which is summarized hereunder:

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Source: SecMarx — sebi:EAD-7/BD/NR/2019-20/7086. 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.