sebi:Order/GR/RK/2020-21/9684

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

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Facts / Headnote

Penalty imposed ex-parte

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 19
• s. 15H
• s. 15J
• s. 15F
• s. 28A
• s. 15C

Parties

• N. G. Export Industries Limited

Holding

The Noticee was held liable for failing to obtain SCORES authentication and for failing to redress investor grievances, and a total penalty of Rs. 2,00,000 (Rs. 1,00,000 under Section 15HB and Rs. 1,00,000 under Section 15C) was imposed against N. G. Export Industries Limited.

Full text

Adjudication Order in respect of N. G. Export Industries Limited Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned was appointed as the Adjudicating Officer (‘AO’) vide order dated June 12, 2019, under Section 19 read with Section 15-I of Securities and Exchange Board of India, 1992 (hereinafter, “SEBI Act”) and under Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter, Rules) to enquire into and adjudge under Section 15HB and Section 15C of the SEBI Act, for the aforementioned alleged violations by the Noticee. Earlier, the case was assigned to Shri Sudeep Mishra, Shri Achal Singh and Shri Anindhya K. Das. I therefore proceed in the matter from where it had been left by the previous Adjudicating Officer.

Adjudication Order in respect of N. G. Export Industries Limited Page 3 of 9 that he can gather documents and produce before the undersigned. Accordingly, another opportunity of personal hearing was granted to the Noticee on October 23, 2020 and subsequently at his request, on November 4, 2020. Thus in the interest of natural justice, the Noticee was granted sufficient opportunities of personal hearing. Further, the Noticee was also given the option of appearing before the undersigned through video conferencing. However, the Noticee failed to avail the opportunity of personal hearing granted to it as aforesaid.

Adjudication Order in respect of N. G. Export Industries Limited Page 4 of 9 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?

Source: SecMarx — sebi:Order/GR/RK/2020-21/9684. 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.