sebi:Order/EAD-1/SBM/JR/2020-21/10684
Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 15J
Regulations relied on
- SEBI (LODR) Regulations, 2015 — 52(1)
Parties
- Margdarshak Financial Services Limited
Holding
The Noticee violated Regulation 52(1) of LODR Regulations read with clause 2.8.(i) of SEBI Circular dated August 10, 2016 by filing its half-yearly financial results for half year ended September 30, 2019 on July 25, 2020 after a delay of 93 days, and is liable to monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 15 was issued by SEBI under the provisions of section 11 of the SEBI Act r/w Regulations 52, 101(2), and 103 of the LODR Regulations. In view of the same, adjudication proceedings have been initiated by SEBI against the Noticee under the provisions of section 15A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’).
Page 3 of 15 belonged to this category and accordingly, the Noticee was required to file its financial results in Ind AS format for the first time for the half year ended September 30, 2019 by December 14, 2019. The aforesaid request of the Noticee vide its letter dated December 09, 2019 seeking exemption from filing of the results in Ind AS format was not acceded to by SEBI and the same was informed to the Noticee vide SEBI letter dated March 16, 2020 along with an advisory issued to the Noticee to file the financial results in the Ind AS format for half year ended September 30, 2019 by March 31, 2020. Subsequently, the Noticee vide email dated April 01, 2020, made a second request seeking extension of time by 75 days i.e. till June 15, 2020 for submitting the financial results for the half year ended September 30, 2019. The same was not acceded to and the Noticee was informed about the same by SEBI vide email dated April 16, 2020 wherein the Noticee was advised to file its financial results for the half year ended September 30, 2019 in Ind AS format latest by April 23, 2020. Thereafter, vide email dated April 24, 2020, the status of submission of financial result by Noticee for the half year ended September 30, 2019 was sought by SEBI from the Stock Exchanges viz. BSE and NSE. It was informed by NSE that the Noticee was not listed on the debt segment of NSE. BSE, vide its email dated April 24, 2020, informed that the Noticee has not submitted its results for the half
Page 4 of 15 30, 2019 on July 25, 2020 i.e. after a delay of 93 days. It was therefore observed that Noticee has not complied with the obligation of timely filing of financial result to the stock exchange in terms of LODR Regulations. Therefore, it was alleged that Noticee has not complied with Regulation 52(1) of LODR Regulations read with clause 2.8.(i) of SEBI circular no. CIR/IMD/DF1/69/2016 dated August 10, 2016. The aforesaid alleged violations, if established, make the Noticee liable for monetary penalty under Section 15A(b) of SEBI Act.
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Source: SecMarx — sebi:Order/EAD-1/SBM/JR/2020-21/10684. 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.