sebi:Order/AA/MG/2019-20/5634
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Facts / Headnote
Penalty imposed on the Noticee for failure to redress investor grievances and file ATR
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 15F
- s. 28A
- s. 15C
- s. 15I(1)
Parties
- Blazon Marbles Limited
Holding
The Noticee, Blazon Marbles Limited, violated SEBI Circulars No. CIR/OIAE/2/2011 and CIR/OIAE/1/2012 by failing to redress investor grievances and file ATR, and a penalty of Rs. 2,00,000 was imposed under Sections 15A(a) and 15C of the SEBI Act.
Full text
Page 2 of 10 SEBI has initiated adjudication proceedings under Sections 15A(a) and 15C of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act") against the Noticee.
Page 3 of 10 a) In terms of SEBI Circulars, a user account has been created on the SCORES system for the Noticee and investor grievances are being duly forwarded to the Noticee through SCORES. b) There are 36 investor complaints pending against the Noticee and some of which pertains to the year 2011. However, the Noticee has failed to file any ATR in respect of pending complaints despite repeated reminders. c) Therefore, it is alleged that the Noticee has failed to redress the pending investor grievances within time specified by the Board and failed to furnish ATR. The Noticee was advised to file its reply if any, within 14 days of receipt of the SCN.
Page 4 of 10 However, the hearing notice returned undelivered. Thereafter, the Noticee was granted another opportunity of hearing on October 18, 2019 vide hearing notice dated September 13, 2019. The aforesaid hearing notice was hand delivered to the Noticee at B-5, Mira Chaitanya Co-op Hsg Society, Makrand Desai Road, Vadodara – 390015. In the aforesaid hearing notice, it was also mentioned that if the Noticee has any submission to make in respect of the SCN, it may do so on or before the date of hearing. However, the Noticee neither appeared on the date scheduled for the personal hearing nor did it submit any reply.
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Source: SecMarx — sebi:Order/AA/MG/2019-20/5634. 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.