sebi:Order/AK/VG/2017-18/1219
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Facts / Headnote
Penalty of Rs. 6,00,000 imposed on Rencal Chemicals India Ltd. under Section 15HB of the SEBI Act, payable within 45 days of receipt of order.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- Rencal Chemicals India Ltd.
Holding
The Noticee delayed obtaining SCORES authentication until October 28, 2015 in violation of SEBI Circulars requiring authentication by September 14, 2012. A monetary penalty of Rs. 6,00,000 was imposed under Section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of Rencal Chemicals India Ltd. Page 2 of 10 3. It was, therefore, alleged that the Noticee has failed to obtain SCORES authentication and thereby violated the SEBI Circulars, thus, making the Noticee liable for imposition of penalty under Section 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the SEBI Act").
Adjudication Order in the matter of Rencal Chemicals India Ltd. Page 3 of 10 7. On receipt of the reply, in the interest of natural justice, an opportunity for personal hearing was granted to the Noticee on September 1, 2017 vide hearing notice dated August 14, 2017. On the scheduled date, Mr KS Raj, the Authorized Representatives (AR) of the Noticee, appeared for the hearing and reiterated the written submission dated August 11, 2017. The AR inter alia also confirmed that there were no past non-compliance of SEBI Act and Regulations and no action was taken by SEBI in the past against the Noticee.
Adjudication Order in the matter of Rencal Chemicals India Ltd. Page 4 of 10 10. Subsequently, vide Circular CIR/OIAE/1/2012 dated August 13, 2012, all companies whose securities are listed on stock exchanges were advised to obtain SCORES authentication in terms of the aforesaid Circular by September 14, 2012. It was also specified that in case of failure to comply with the
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Source: SecMarx — sebi:Order/AK/VG/2017-18/1219. 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.