sebi:NP/JR/35/2017
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Facts / Headnote
Violation established; monetary penalty of Rs 1,00,000 imposed under Section 15C
Provisions invoked
- s. 15
- s. 19
- s. 11(1)
- s. 15J
- s. 15C
- s. 127
Parties
- VHCL Industries Limited
Holding
The Noticee violated SEBI Circular CIR/OIAE/1/2014 by failing to redress the SCORES investor complaint within the specified time and is therefore liable for penalty under Section 15C of the SEBI Act; a monetary penalty of Rs 1,00,000 was imposed.
Full text
Page 2 of 12 investor complaint was pending against the Noticee and it was alleged that the Noticee failed to redress pending investor grievance in spite of being called upon by SEBI to do so thereby violated the provisions Section 15C of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 12 dated March 10, 2017. The Noticee through its appointed Authorised Representative (hereinafter referred to as “AR”) appeared for personal hearing on March 23, 2017 and undertook that he shall submit a written reply to the SCN on or before March 31, 2017.
Page 4 of 12 10. The issues that, therefore, arise for consideration in the present case are: 10.1. Whether the Noticee has failed to resolve the investor complaint with in the specified time, thereby failing to comply with SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014? 10.2. Does the violation, if any, attract monetary penalty under Section 15C of SEBI Act? 10.3. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15J of SEBI Act?
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Source: SecMarx — sebi:NP/JR/35/2017. 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.