sebi:IVD/DEL/KKS/AO/DRK/AS/EAD-3/236/09-02/2011
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Facts / Headnote
Penalty imposed on noticee for violation of Section 11(C)(2) and Section 11(C)(3) of SEBI Act, 1992
Provisions invoked
- s. 11
- s. 24
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Kirtikumar Kantilal Shah (Proprietor- Mr. K.K. Shah) (Currently known as V&U Securities Pvt. Ltd.)
Holding
The noticee was found to have violated Section 11(C)(2) and Section 11(C)(3) of the SEBI Act, 1992 by failing to comply with summonses and furnish required information to the Investigating Authority, and a penalty of Rs. 6,00,000 was imposed under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 3. I was appointed as the Adjudicating Officer, (subsequent to the transfer of Shri Biju S) vide order dated December 10, 2008 under section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as SEBI Act) read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15A (a) of the SEBI Act, 1992 the violations of the provisions of Section 11(C)(2) and Section 11(C)(3) of Securities and Exchange Board of India Act, 1992 alleged to have been committed by the noticee.
Page 3 of 9 6. The AR has undertaken to submit the above details by February 15, 2005. However it was alleged that no details as undertaken were submitted by the noticee. Thereafter again summons dated August 31, 2005 was served on the noticee to appear in person before the Investigating Authority on September 08, 2005 for furnishing the undertaken details and for clarification and explanation with regard to the same. However neither the noticee appeared in person before the IA nor any communication was received from the noticee and thereby it was alleged that the noticee had not complied with the summons and failed to furnish the requisite information to the Investigating Authority.
Page 4 of 9 noticee vide its letter dated October 20, 2010 submitted reply to the SCN. The summary of its submissions are-
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Source: SecMarx — sebi:IVD/DEL/KKS/AO/DRK/AS/EAD-3/236/09-02/2011. 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.