sebi:Order/SM/AD/2022-23/24157

SEBI · SEBI · 2014-08-12 · Soma Majumder, Adjudicating Officer

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Facts / Headnote

Violation of SEBI Circulars established under Section 15HB; charge under Section 15C not established; penalty of Rs. 25,000 imposed under Section 15HB

Provisions invoked

Parties

Holding

The Noticee, Arihant (India) Ltd., violated SEBI Circulars dated August 13, 2012 and April 17, 2013 by failing to obtain SCORES authentication while it was a listed company, attracting a penalty of Rs. 25,000 under Section 15HB of the SEBI Act. However, the charge under Section 15C for failure to redress investor grievances was not established because the Noticee was never called upon in writing by the Board.

Full text

Adjudication Order in respect of Arihant (India) Ltd. Page 2 of 16 (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 to show-cause as to why an inquiry should not be initiated against Noticee and penalty, if any, not be imposed upon it under the provisions of Section 15HB and Section 15C of SEBI Act for the violation alleged to have been committed by it.

Adjudication Order in respect of Arihant (India) Ltd. Page 3 of 16 4. In these circumstances, we set aside the penalty order dated 12th August, 2014 and also the impugned recovery notice dated 8th March, 2018 and direct SEBI to pass fresh

Adjudication Order in respect of Arihant (India) Ltd. Page 4 of 16 circulars No. CIR/OIAE/1/2012 dated August 13, 2012 and No. CIR/OIAE/1/2013 dated April 17, 2013. b. Thereafter, vide letter dated July 18, 2013, the aforesaid company was again advised to submit the requisite information regarding SCORES authentication and redress the pending investor by August 05, 2013. However, Noticee once again failed to comply with the SEBI directive. c. Therefore, it was alleged that by failing to obtain SCORES authentication and to redress the pending investor grievances, Noticee has violated the aforesaid SEBI Circulars No. CIR/OIAE/1/2012 dated August 13, 2012 and CIR/OIAE/1/2013 dated April 17, 2013.

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Source: SecMarx — sebi:Order/SM/AD/2022-23/24157. 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.