sebi:OIAE/EAD-3/AO/DRK-VB/685/10-2015
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Facts / Headnote
Penalty of Rs. 3,00,000 imposed under Section 15C of the SEBI Act for non-redressal of investor grievances
Provisions invoked
- s. 15
- s. 15J
- s. 15C
Parties
- Grauer & Weil India Ltd
Holding
The noticee violated Section 15C of the SEBI Act by failing to redress investor grievances within the specified 30-day period. A penalty of Rs. 3,00,000 under Section 15C was imposed on Grauer & Weil India Ltd.
Full text
Page 2 of 7 “HDAD”) under Rule 4 (1) of the Adjudication Rules, to show cause as to why an inquiry be not held against the noticee and penalty be not imposed under Section 15 C of the SEBI Act, for the alleged non redressal of 3 investors grievances / complaints against the noticee in SCORES out of which 2 complaints were pending for more than two years. It was mentioned in the SCN that SEBI vide letter dated January 22,2013, had earlier directed the noticee to resolve 4 investor grievances. It was also mentioned in the said letter that if the noticee fails to redress the complaints, SEBI may take action against the noticee under Sections 15 C and 24 of the SEBI Act. Further, the SCN also refers to SEBI's letter dated February 15,2013 wherein the noticee was again directed to resolve the aforesaid 3 investor grievances failing which SEBI may initiate Regulatory Actions against the noticee which includes debarring from securities market and or / imposing penalty. It was also alleged in the SCN that noticee has not activated the SCORES authentication
Page 3 of 7 credited to Mr.Anil Mahendra & Charu Mahendra (M00648) instead of the Complainant. Thus Complainant did not receive credit of 325 Bonus Shares. In the year 2011,each share of the Company with face value of Rs. 10 was split into 10 shares of Re. 1 each. Thus the said 325 bonus shares were converted into 3250 shares.
Page 4 of 7 CONSIDERATION OF CASE AND FINDING: 8. I have taken into consideration the facts and circumstances of the case and the material available on record.
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Source: SecMarx — sebi:OIAE/EAD-3/AO/DRK-VB/685/10-2015. 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.