sebi:Order/GR/HK/2022-23/22343
Facts / Headnote
Penalty imposed on the Noticee for violations of SEBI Circulars and DT Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
- s. 71(10)
Regulations relied on
Parties
- IDBI Trusteeship Services Limited
Holding
The Noticee, IDBI Trusteeship Services Limited, was found to have violated Clause 2.1 and Clause 3 of the SEBI Circular of November 2020, Clause C of Annexure-I of SEBI Circular of October 2013, Clause 10 of Annexure-III of SEBI Circular of June 2021, and clauses 3 and 4 of the Code of Conduct under Schedule III of DT Regulations, 1993, and a penalty of Rs. 3,00,000 was imposed under Section 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of IDBI Trusteeship Services Limited Page 2 of 30 November 30, 2021 (‘Inspection Period / IP’). The said inspection had prima facie brought out certain deficiencies in the functioning of the Noticee as a Debentures Trustee.
Adjudication Order in the matter of IDBI Trusteeship Services Limited Page 3 of 30 Limited and Patanjali Ayurved Limited where the date mentioned in the asset cover certificate was wrong and ISIN wise details were not provided respectively. Hence the Noticee is alleged to have violated Clause 2.1 of the SEBI Circular of November 2020 and clause 3 and clause 4 of Code of Conduct mentioned in the Schedule III of DT Regulations 1993.
Adjudication Order in the matter of IDBI Trusteeship Services Limited Page 4 of 30 3. In view of the above, SEBI initiated adjudication proceedings under Section 15HB of the SEBI Act, 1992 against the Noticee for the violations alleged above.
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