sebi:Order/AS/AK/2022-23/23811

SEBI · SEBI · 2022-07-27 · Asha Shetty, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings abated; Show Cause Notice dated October 08, 2022 disposed of without going into merits

Provisions invoked

• s. 15H
• s. 15I

Regulations

• Reg. 3(a)

Parties

• M/s. Rishiraj and Co. (Mr. Navin Chadra Vipani, deceased)

Holding

The adjudication proceedings against the deceased Noticee, Mr. Navin Chadra Vipani, proprietor of M/s. Rishiraj and Co., abate on account of his death on July 23, 2020, and the Show Cause Notice dated October 08, 2022 is disposed of accordingly without going into the merits of the case.

Full text

Adjudication Order in respect of M/s. Rishiraj and Co. in the matter of Illiquid Stock Options at BSE. Page 2 of 3 erstwhile Adjudicating Officer Shri Prasanta Mahapatra, the instant matter vide communique dated July 27, 2022, was transferred to the undersigned as Adjudicating Officer (hereinafter referred to as “AO”) to inquire into and adjudge under Section 15HA of the SEBI Act, the aforesaid alleged violations against the Noticee.

Adjudication Order in respect of M/s. Rishiraj and Co. in the matter of Illiquid Stock Options at BSE. Page 3 of 3 Securities Appellate Tribunal in Chandravadan J. Dalal vs. SEBI (Appeal No. 35/2004 decided on June 15, 2005) wherein it was held that: “The appeal abates since the appellant during the pendency of the appeal died on 29th November

SHOW CAUSE NOTICE, REPLY AND HEARING 3. Show Cause Notice No. EAD-8/AS/AK/58441/1/2022 dated October 08, 2022 (hereinafter be referred to as, the “SCN”) was served upon the Noticee under Rule 4 of the SEBI (Procedure for holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as 'Adjudication Rules') read with section 15I of the SEBI Act, to show cause as to why an inquiry should not be held and penalty be not imposed against him under Section 15HA of the SEBI Act for the alleged violations of Regulations 3(a), (b), (c), (d) and 4(1), (2)(a) of the PFUTP Regulations.

Source: SecMarx — sebi:Order/AS/AK/2022-23/23811. 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.