sebi:Order/SBM/JR/2020-21/10225
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Facts / Headnote
Show Cause Notice dated August 14, 2018 disposed of; no further inquiry required under Rule 4(3) of the Adjudication Rules
Provisions invoked
- s. 15H
- s. 15I
Regulations
- Reg. 6
- Reg. 28
- Reg. 201
- Reg. 26
Parties
- Noticee
Holding
The Adjudicating Officer held that no further inquiry is required under Rule 4(3) of the Adjudication Rules because a Settlement Order dated January 14, 2021 had already settled the violations alleged in the Show Cause Notice, and accordingly disposed of the SCN dated August 14, 2018.
Full text
Page 2 of 3 Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”). In view of above, SEBI had initiated adjudication proceedings against the Noticee under section 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’).
Page 3 of 3 whom adjudication proceedings were approved for the above mentioned violations, to settle the said pending proceedings. The Noticee accepted the terms of the Scheme and vide e-mail dated January 19, 2021, it was informed by the Settlement Division that a Settlement Order dated January 14, 2021 has been passed in respect of all the entities who had accepted the terms of the Scheme, including the Noticee.
3. Vide communique dated May 29, 2018, the undersigned was appointed as the Adjudicating Officer in the matter. In terms of Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) read with section 15I of the SEBI Act, a Show Cause Notice (SCN) ref no. SEBI/HO/EAD/23143/2018 dated August 14, 2018 was issued to the Noticee, calling upon it to show cause as to why an inquiry should not be held against it in terms of Rule 4 of the Adjudication Rules and penalty be not imposed under Section 15HA of the SEBI Act for the aforementioned alleged violations of the PFUTP Regulations committed by Noticee. Subsequently, the case was transferred to Dr. Anitha Anoop vide communique dated March 25, 2019. Pursuant to the transfer of Dr Anitha Anoop to another Department, the undersigned has been appointed as the Adjudicating Officer in the matter vide communique dated November 3, 2020.
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