sebi:Order/AK/VG/2017-18/1222
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Facts / Headnote
Violation found; penalty of Rs. 8,00,000 imposed under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Parties
- Shikhar Consultants Ltd.
Holding
The Noticee violated SEBI Circulars by failing to obtain SCORES authentication from the September 14, 2012 deadline until July 31, 2017, and a monetary penalty of Rs. 8,00,000 under Section 15HB of the SEBI Act was imposed.
Full text
Adjudication Order in the matter of Shikhar Consultants 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 Shikhar Consultants Ltd. Page 3 of 10 to submit a copy of Form A that was filed with SEBI for the purpose of obtaining SCORES authentication by the Noticee as well as the email/letter from SEBI confirming the SCORES authentication and giving the Login ID and Password. The AR was advised to submit the same, along with their written submission, if any, latest by August 28, 2017. The AR also stated that there had been a fire in the office premises of the Noticee in 2014, wherein all the documents were destroyed. The AR was also asked to submit details past non-compliance of SEBI Act and Regulations, if any, by the Noticee and action taken by SEBI the past against the Noticee, if any.
Adjudication Order in the matter of Shikhar Consultants Ltd. Page 4 of 10 c) If so, what would be the monetary penalty that can be imposed duly taking into account the factors mentioned in Section 15J of SEBI Act?
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Source: SecMarx — sebi:Order/AK/VG/2017-18/1222. 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.