sebi:JS/VP/01/2017
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Facts / Headnote
Penalty imposed on the Noticee for violations of SEBI Act provisions relating to Share Transfer Agent obligations
Provisions invoked
- s. 11B
- s. 15
- s. 15H
- s. 15B
- s. 15J
Regulations
- Reg. 13
- Reg. 199
- Reg. 14(1)
- Reg. 1
- Reg. 14(2)(h)
- Reg. 54(5)
- Reg. 9A
- Reg. 53A
- Reg. 14(3)(C)
- Reg. 13E
Parties
- BTS Consultancy Services Pvt. Ltd. (SEBI Registration No. INR200004031, PAN No. AACCB8463B)
Holding
The Noticee (BTS Consultancy Services Pvt. Ltd.) was held liable for violations as a Share Transfer Agent under Sections 15B and 15HB of the SEBI Act, 1992, and a total penalty of Rs. 3,00,000/- was imposed (Rs. 1,00,000 under Section 15B and Rs. 2,00,000 under Section 15HB).
Full text
Page 2 of 23 Sl. No. Alleged Violations Regulatory Provisions referred to as 'STA Regulations'). 2. The STA has not obtained fully the specimen signature cards of shareholders from its client companies and does not maintain the same fully at its end. Clause 1 (m) of Schedule I to the Model Agreement entered into between STA and the Client Company as prescribed in Annexure-B to RRTI Circular and SEBI Circular No. D&CC/FITTC/CIR-15/2002 dated December 27, 2002 read with Regulation 53A of the SEBI (Depositories and Participants) Regulations, 1996 (hereinafter referred to as 'DP Regulations').
Page 3 of 23 Sl. No. Alleged Violations Regulatory Provisions instantaneously or within the minimum time period. 10. STA has not carried out the activities of revalidation of Dividend Warrants, issuance of duplicate warrants, reconciliation of instances of dividend warrants returned undelivered with that of the change of address requests effected as part of its STA activities and consequently had not maintained any data and records pertaining to such activities. RRTI Circular with regard to maintaining proper records by a STA pertaining to dividend warrants related activities read with Clauses 2 and 5 (c) of the Code of Conduct as prescribed in Schedule III to Regulation 13 of STA Regulations.
Page 4 of 23 7. The submissions in brief made by the Noticee vis-a-vis the alleged violations as mentioned in the SCN are as follows: Sl. No . Observations Brief Submissions of the Noticee vide letters dated June 03, 2017 and June 27, 2017
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Source: SecMarx — sebi:JS/VP/01/2017. 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.