sebi:EAD-9/SM/84-95/2018-19
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Facts / Headnote
Adjudication proceedings disposed of without imposition of any monetary penalty
Provisions invoked
- s. 15A
- s. 15
- s. 19
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 11
- Reg. 2(b)
- Reg. 7(2)
- Reg. 7(1)(A)
Parties
- Champalal
- Shankarlal
- Subhashchandra
- Sumit
- Varsha
- Shashidevi
- Krishnadevi
- Ronit
- Prashant
- Archanadevi
- Rajnikant
- Satyabhama
Holding
The adjudication proceedings against the noticees for alleged violation of Regulation 7(1A) of SAST Regulations, 1997 were disposed of without penalty as the violation was held not established.
Full text
In the matter of M/s Omkar Overseas Ltd Page 2 of 7 Appointment of Adjudicating Officer 4. SEBI had appointed Shri D.S. Reddy as Adjudicating Officer vide order dated May 08, 2015 under Section 19 of the SEBI Act, 1992 read Section 15-I of SEBI Act, 1992 read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as AO Rules) to inquire and adjudge under Section 15A(b) of SEBI Act on Champalal, Shankarlal, Subhashchandra, Sumit, Varsha, Shashidevi, Krishnadevi, Ronit, Prashant, Archanadevi, Rajnikant and Satyabhama for the violation of Regulation 7(1A) of the SAST Regulations. Subsequently, pursuant to the transfer of the case, the undersigned have been appointed as Adjudicating Officer (AO), vide order dated May 18, 2017 for the aforesaid Noticees.
In the matter of M/s Omkar Overseas Ltd Page 3 of 7 9. Filing of Settlement Application: The Noticee had communicated that it has filed settlement application before SEBI. I note that the settlement application was rejected by SEBI as request of Noticees for the condonation of delay was not acceded by SEBI.
In the matter of M/s Omkar Overseas Ltd Page 4 of 7 Issue III If so, what should be the quantum of monetary penalty? 13. Before proceeding further, I would like to refer to the relevant provisions of SAST Regulations.
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Source: SecMarx — sebi:EAD-9/SM/84-95/2018-19. 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.