sebi:Order/DJ/AG/2022-23/22942

SEBI · SEBI · 2021-06-28 · Dinesh Joshi, Adjudicating Officer

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Facts / Headnote

Adjudication Proceedings abated; no penalty imposed

Provisions invoked

• s. 15
• s. 15H
• s. 12

Regulations

• Reg. 4(1)
• Reg. 3(a)
• Reg. 26

Parties

• Late Ms. Ram Pyari Devi Totla (PAN: ABBPT2337B)

Holding

The Adjudication Proceedings initiated against the deceased Noticee stand abated and no penalty is imposed, as the proceedings do not survive the death of the Noticee.

Full text

Page 2 of 3 and Unfair Trading Practices related to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”).

Page 3 of 3 has been verified from the website pehchan.raj.nic.in of Rajasthan Civil Registration System. 6. In this regard, it is relevant to note that the Hon’ble Supreme Court in the case of Girijandini vs. Bijendra Narain (AIR 1967 SC 1124), inter alia, observed that in case of personal action, i.e. the actions where the relief sought is personal to the deceased, the right to sue will not survive to or against the representatives, and in such cases, the maxim “actio personalis moritur cum persona” (personal action dies with the death of the person) would apply. It is also relevant to refer to the decision of Hon’ble 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 2004.The appeal accordingly abates. The penalty imposed on the original appellant being personal in nature also abates…”.

APPOINTMENT OF ADJUDICATING OFFICER 3. SEBI initiated Adjudication Proceedings and appointed the undersigned as Adjudicating Officer under section 15-I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “SEBI Rules”) vide order dated June 28, 2021 to inquire into and adjudge under section 15HA of the SEBI Act against the Noticee for the alleged violation of the aforesaid provisions of PFUTP Regulations, 2003.

Source: SecMarx — sebi:Order/DJ/AG/2022-23/22942. 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.