sebi:Order/MC/VS/2019-20/2972
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Facts / Headnote
Penalty of Rs.8,00,000 imposed upon the Noticee under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 15
- Reg. 23(4)
- Reg. 23
- Reg. 19
- Reg. 3
- Reg. 15(1)(q)
- Reg. 15(1)(c)
- Reg. 17A(4)
- Reg. 17A
Parties
- Indian Bank
Holding
The Noticee, Indian Bank as debenture trustee, violated regulations 15(1)(c), 15(1)(q)(iv) and 17A(4) of the DT Regulations and regulation 23(4) of the ILDS Regulations read with the cited SEBI Circulars, and is liable for monetary penalty under Section 15HB of the SEBI Act.
Full text
Page 2 of 15 disclosure of information including that regarding defaults by issuer companies through press release and on its website, were observed, leading to alleged violation of relevant regulations and circulars.
Page 3 of 15 6. The allegations levelled against the Noticee in the SCN are summarized as follows:- a. Alleged Violations of regulation 15 (1) (c) of the DT Regulations – Regulation 15 (1) (c) of the DT Regulations states - “15. (1) It shall be the duty of every debenture trustee to – (c) call for periodical status/ performance reports from the issuer company within 7 days of the relevant board meeting or within 45 days of the respective quarter whichever is earlier;”
Page 4 of 15 b) Information about delay/ default in payment or; c) No information forthcoming from the issuer company on the payment status. iii) In cases where the CRAs have been informed as per point no. 2(ii) above that no information is forthcoming from the issuer company on the payment status, the DTs shall update the payment status to CRAs as and when any such information is available with the DTs.”
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Source: SecMarx — sebi:Order/MC/VS/2019-20/2972. 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.