sebi:ORDER/NH/RJ/2024-25/31235
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Facts / Headnote
Penalty imposed on Noticee for multiple violations of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, LODR Regulations, and various SEBI Circulars under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 108
Regulations
- Reg. 13
- Reg. 3
- Reg. 199
- Reg. 8
- Reg. 14
- Reg. 200
- Reg. 40
- Reg. 23
- Reg. 31(2)
- Reg. 3(2)
- Reg. 6
- Reg. 9A
- Reg. 9
- Reg. 60
- Reg. 31A
- Reg. 39
- Reg. 7
- Reg. 9A(1)(b)
- Reg. 40(3)
- Reg. 40(7)
Parties
- Alankit Assignments Limited
Holding
The Noticee, Alankit Assignments Limited, was found to have violated multiple provisions of securities law including NISM certification requirements, non-execution of tripartite agreements, failure to maintain signature cards, delays in processing duplicate share, demat, transfer re-lodgement, transmission and change of address requests, lack of due diligence, failure to exercise enhanced due diligence, failure to furnish letters for PAN/bank details, and wrong reporting in half-yearly reports, and a monetary penalty was imposed under Section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of inspection of Alankit Assignments Limited Page 2 of 124 Table 1 Sr. No. Charges Alleged Violations 1. 39 associated persons engaged by the Noticee did not have the NISM certification and 10 associated persons engaged by the Noticee did not have a valid NISM certification during the entire inspection period. ‘NISM Certification’ of ‘Sec III (Compliance Certification)’ of Annexure to SEBI Circular no. CIR/MIRSD/7/2012 dated July 05, 2012, Regulations 3, 6, 9 and 10 of SEBI (Certification of Associated Persons in the Securities Market) Regulations 2007, SEBI Notification no. LAD-NRO/GN/ 2009- 10/18/175577 dated September 04, 2009 and Clauses 3, 16 and 29 of Schedule III read with Regulation 13 of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993.
Adjudication Order in the matter of inspection of Alankit Assignments Limited Page 3 of 124 5. Noticee has not obtained the transmission form, Form ISR 4 for processing transmission request in one (Folio No. 8775) instance. Further, a wrong signature was uploaded for Folio no. Z6129 by the Noticee. Clause C (2) (b) of Schedule VII prescribed under Regulation 40(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Clause 2 (II) of SEBI Circular no. CIR/MIRSD/10/2013 dated October 28, 2013 and Clauses 2 and 3 of Schedule III read with Regulation 13 of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993. 6. 54 demat requests which were received after June 30, 2022 were processed by the Noticee after the stipulated time period of 15 days. In one instance (Folio No. 05103962), there was a mismatch of names. Clause 2 of SEBI Circular no. SEBI/HO/MIRSD/RTAMB/CIR/P/2019/122 dated November 05, 2019, RRTI Circular no. 1(99-2000) PMD/SU/11560/99 dated May 20, 1999 and Clauses 2, 3, and 5(c) of Schedule III read with Regulation 13 of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993.
Adjudication Order in the matter of inspection of Alankit Assignments Limited Page 4 of 124 Noticee did not consider the rejection points raised by the listed company in one instance. There were two transfer deeds in the records for one folio. Clauses 2, 3, 5 (c) of Schedule III read with Regulation 13 of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993.
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