sebi:EAD-9/SM/20/2019-20
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Facts / Headnote
Penalty of Rs.10,00,000 under Section 15A(b) and Rs.5,00,000 under Section 23E imposed ex-parte on Kelvin Fincap Ltd.
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 28A
- s. 21
- s. 23J
- s. 23
- s. 23E
Regulations
- Reg. 13
- Reg. 3(a)
- Reg. 13(6)
Parties
- Kelvin Fincap Ltd
Holding
Kelvin Fincap Ltd violated Regulation 13(6) of PIT Regulations and Clause 35 of Listing Agreement read with Section 21 of SCRA. The Adjudicating Officer imposed penalty of Rs.10,00,000 under Section 15A(b) of SEBI Act and Rs.5,00,000 under Section 23E of SCRA ex-parte.
Full text
In the matter of Kelvin Fincap Ltd Page 2 of 8 2 07/04/2012 Kavita K Shah Narendra R Shah 50000 3 07/04/2012 Kavita K Shah Geeta Narendra Shah 50000 4 07/04/2012 Kavita K Shah Abhishek N Shah 30000 5 15/01/2013 Kavita K Shah Abhishek N Shah 6000 6 07/04/2012 Keyur M Shah Narendra R Shah 200000 7 07/04/2012 Keyur M Shah Geeta Narendra Shah 50000 8 07/04/2012 Keyur M Shah Mahesh R Shah 70000 9 07/04/2012 Keyur M Shah Abhishek N Shah 40000 10 14/04/2012 Keyur M Shah Abhishek N Shah 41050 11 14/04/2012 Keyur M Shah Geeta Narendra Shah 50000 12 14/04/2012 Keyur M Shah Narendra R Shah 80000 13 15/01/2013 Keyur M Shah Abhishek N Shah 25750
In the matter of Kelvin Fincap Ltd Page 3 of 8 Section 23-I of SCRA read with Rule 3 of Securities Contracts (Regulation) (Procedure For Holding Inquiry And Imposing Penalties By Adjudicating Officer) Rules, 2005 (hereinafter referred to as SCRA Rules) to inquire and adjudge under Section 23E of SCRA for the alleged violation of Clause 35 of Listing Agreement read with Section 21 of SCRA.
In the matter of Kelvin Fincap Ltd Page 4 of 8 December 19, 2014), wherein the Hon’ble SAT observed as under: “...further, it is being increasingly observed by the Tribunal that many persons/entities do not appear before SEBI (Respondent) to submit reply to SCN or, even worse, do not accept notices/letters of Respondent and when orders are passed ex-parte by Respondent, appear before Tribunal in appeal and claim non- receipt of notice and do not appear and/or submit reply to SCN but claim violation of principles of natural justice due to not being provided opportunity to reply to SCN or not provided personal hearing. This leads to unnecessary and avoidable loss of time and resources on part of all concerned and should be eschewed, to say the least. Hence, this case is being decided on basis of material before this Tribunal...”
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Source: SecMarx — sebi:EAD-9/SM/20/2019-20. 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.