sebi:Order/PM/AB/2019-20/6114
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the Noticee under Section 15HB of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
Holding
The Noticee failed to obtain SCORES authentication within the stipulated time period, thereby violating SEBI Circular No. CIR/OIAE/1/2013 dated April 17, 2013, and a penalty of Rs. 1,00,000 was imposed under Section 15HB of the SEBI Act, 1992.
Full text
Page 2 of 7 APPOINTMENT OF ADJUDICATING OFFICER 4. Securities and Exchange Board of India vide order dated April 10, 2014 appointed Mr. Amar Navlani as the Adjudicating Officer, to inquire and adjudge under section 15-I of SEBI Act and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as "Rules") to enquire into and adjudge under section 15HB of SEBI Act,1992 for failing to obtain the SCORES authentication by the Noticee in spite of being called upon by SEBI to do so. Pursuant to the transfer of Mr. Amar Navlani and reallocation of work, the undersigned was appointed as the Adjudicating Officer vide order dated January 8, 2019. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Page 3 of 7 8. In response to the said Notice, the Authorized Representative of the Noticee attended the hearing on the scheduled date and submitted a letter dated October 14, 2019 reiterating the submissions made earlier. CONSIDERATION OF ISSUES AND FINDINGS
Page 4 of 7 in accordance with the SEBI Circular CIR/OIAE/1/2013 dated April 17, 2013 by December 18, 2013, failing which SEBI would initiate enforcement actions as per SEBI Act, 1992. From all of the above, I find that SEBI had provided sufficient opportunity to the Noticee to obtain SCORES authentication.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/PM/AB/2019-20/6114. 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.