sebi:Order/GR/AE/2019-20/5438

SEBI · SEBI · 2019-06-12 · G Ramar, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Violation not established; matter disposed of

Provisions invoked

• s. 11
• s. 15A
• s. 15
• s. 19
• s. 15C

Parties

• Safal Securities Limited

Holding

The alleged violations of Sections 15C and 15A(a) of the SEBI Act, 1992 against Safal Securities Limited were held not established, and the matter was accordingly disposed of without penalty.

Full text

Adjudication Order in respect of Safal Securities Limited Page 2 of 8 that despite being called upon to do so, the Noticee had failed to redress the pending investor grievance within the time specified by SEBI, and also failed to furnish the Action Taken Report on SCORES in regard to the redressal of investor grievances, resulting in violation of Section 15C and 15A(a) of the Securities and Exchange Board of India Act, 1992 (hereinafter, SEBI Act).

Adjudication Order in respect of Safal Securities Limited Page 3 of 8 i. They have already resolved all the complaints. The Complainant has received the share Certificates and same has been demated by him vide DRN No. 6640783 on 04.07.2014. The Noticee has enclosed a copy of Dematerialisation Request Form (DRF). ii. The Noticee enclosed the screenshot of the SCORES, which indicated that the company has NIL investor complaints pending. iii. Accordingly, the Noticee has redressed all the pending grievances, hence no inquiry should be held against the company. iv. The company has not defaulted for the Section 15A(a) and Section 15C of the SEBI Act, hence penalty should not be levied.

Adjudication Order in respect of Safal Securities Limited Page 4 of 8 15C of SEBI Act, and whether the Noticee failed to furnish the Action Taken Report on SCORES in regard to the redressal investor grievances, thereby Section 15A(a) of the SEBI Act? b. Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 HB and 15 C of the SEBI Act? c. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15 J of the SEBI Act?

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