sebi:IVD-ID5/PPD/AO/DRK/SS/EAD-3/CO-09/2009
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Facts / Headnote
Adjudication proceedings disposed of pursuant to consent/settlement terms; Noticee remitted Rs.6,00,000 towards settlement charges.
Holding
The consent order disposes of the pending adjudication proceedings against the Noticee under the SEBI Act, 1992, on the consent terms proposed by the Noticee and recommended by the HPAC, without admission or denial of guilt.
Full text
- 2 - Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995.
- 3 - proceedings are subsequently discovered to be untrue. b. the Noticee has breached any of the clauses / conditions of undertakings / waivers filed during the current consent proceedings.
3. Pending adjudication proceedings, the Noticee made an application dated July 14, 2008 (Consent application Regn. No. 833 of 2008) and an undertaking in the format prescribed by SEBI for settlement in the matter in terms of SEBI Circular No. EFD/ED/Cir-1/2007 dated April 20, 2007. Pursuant to the said application, the Noticee submitted its revised consent terms vide its letter dated September 12, 2008, wherein it proposed an amount of Rs.5,00,000/- (Rupees Five Lakhs only) towards settlement charges. The Noticee again revised its consent terms vide its letter dated January 15, 2009 and proposed an amount of Rs.6,00,000/- (Rupees Six Lakhs only) towards settlement charges. The consent terms were placed before the High Powered Advisory Committee (hereinafter referred to as “HPAC”) on January 20, 2009 and the HPAC considered the facts and circumstances of the case, the proposed settlement terms offered by the Noticee and the other material brought before the HPAC. HPAC after deliberation recommended the case for settlement on the consent terms proposed by the Noticee.
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Source: SecMarx — sebi:IVD-ID5/PPD/AO/DRK/SS/EAD-3/CO-09/2009. 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.