sebi:ORDER/SRP/HKS/2018-19/1421
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Facts / Headnote
Violation established; monetary penalty of Rs.1,00,000 imposed under Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 7(1)
- Reg. 29(3)
- Reg. 12
- Reg. 29
- Reg. 29(1)
- Reg. 12(2)
Parties
- M/s Enrich Fin & Securities Limited
Holding
The Noticee violated Regulation 13(1) of PIT Regulations, 1992 and Regulation 29(1) read with Regulation 29(3) of SAST Regulations, 2011 by failing to disclose its acquisition of 2,00,000 shares of Scope Industries (India) Limited on November 03, 2014 which took its holding from 3.52% to 5.37%, and is liable to a penalty of Rs.1,00,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Enrich Fin & Securities Limited Page 2 of 14 APPOINTMENT OF ADJUDICATING OFFICER 2. Initially, Shri Biju. S was appointed as the Adjudicating Officer by SEBI, in the matter. Subsequently, on July 06, 2018 the undersigned has been appointed as the Adjudicating Officer by SEBI, to inquire into and adjudge under Section 15A (b) of the SEBI Act, 1992, the aforesaid violations alleged to have been committed by the Noticee.
Adjudication Order in respect of Enrich Fin & Securities Limited Page 3 of 14 the SCN sent on those other addresses also got returned undelivered. Therefore, vide letter dated July 17, 2018 the SCN was forwarded to Shri Kailash Chand Bansal, one of the Directors of the Noticee. Vide letter dated August 06, 2018, Shri Kailash Chand Bansal submitted that he along with other three Promoter Directors have resigned from the Directorship of the Company i.e. M/s Enrich Fin & Securities Limited, in April 1998. Therefore, he is not concerned with the Company in any manner since April, 1998.
Adjudication Order in respect of Enrich Fin & Securities Limited Page 4 of 14 ISSUES FOR CONSIDERATION AND FINDINGS 9. I have carefully perused the SCN and the documents/material available on record. The issues that arise for consideration in the present case are:
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Source: SecMarx — sebi:ORDER/SRP/HKS/2018-19/1421. 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.