sebi:Order/BD/MG/2020-21/9554
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Facts / Headnote
Penalty imposed on the Noticee for non-compliance with summons issued by the Investigating Authority
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 15F
- s. 11C(2)
Holding
The Noticee, a director of SPPDL, violated Sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with summons issued by the Investigating Authority, and a penalty of ₹3,00,000 was imposed under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 9 provisions of Section 15A(a) for the violations of the provisions of Section 11C (3) of the SEBI Act. The appointment was communicated to the undersigned vide communique dated March 20, 2019.
Page 3 of 9 5. The Show Cause Notice (“SCN”) was sent via Speed Post Acknowledgement Due (‘SPAD’) to the last known address of the Noticee but the SCN returned undelivered. Thereafter, the SCN was served upon the Noticee through a Public Notice dated October 09, 2020, in terms of Rule 7 of AO Rules. The Noticee was advised to file his reply within 14 days of publication of the said Notice. In addition to that, vide aforesaid Public Notice the Noticee was granted an opportunity of personal hearing before the undersigned in the interest of natural justice. However, the Noticee failed to submit his reply to the SCN and did not attend the hearing on October 27, 2020.
Page 4 of 9 8. Before moving forward, it is pertinent to refer to the relevant provisions of the SEBI Act: Investigation. 11C (1) …. (2) ……… (3) The Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation.
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Source: SecMarx — sebi:Order/BD/MG/2020-21/9554. 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.