sebi:Order/VKV/NK/2020-21/10799

SEBI · SEBI · 2018-10-01 · Vijayant Kumar Verma, Adjudicating Officer

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Facts / Headnote

Show Cause Notice dated October 1, 2018 disposed of; no further inquiry required under Rule 4(3) of the Adjudication Rules in view of settlement order dated January 14, 2021.

Provisions invoked

• s. 15
• s. 19
• s. 15H

Regulations

• Reg. 3
• Reg. 26

Parties

• VINEET GUPTA

Holding

The Show Cause Notice dated October 1, 2018 was disposed of without any further inquiry or penalty, as SEBI had already passed a settlement order dated January 14, 2021 in respect of the Noticee for the defaults specified in the SCN.

Full text

Adjudication order in respect of VINEET GUPTA Page 2 of 3 in the violation of regulations 3 (a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair 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’).

Adjudication order in respect of VINEET GUPTA Page 3 of 3 6. I note that SEBI has passed settlement order dated January 14, 2021 under Settlement Scheme in terms of regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018, inter-alia, in respect of 1018 entities including the Noticee, for settlement of proceedings initiated for defaults specified in the SCN subsequent to payment of Rs. 31,77,500/- as settlement amount by the Noticee. As per the terms of settlement mentioned in paragraph 10 of the abovementioned Order, SEBI shall not initiate any enforcement action or continue any enforcement proceedings already initiated against the Noticee for the settled defaults.

APPOINTMENT OF ADJUDICATING OFFICER 3. Initially, Shri Sahil Malik was appointed as the Adjudicating Officer (AO) by SEBI, under Section 19 of the Securities and Exchange Board of India Act, (hereinafter referred to as “SEBI Act”) read with Section 15-I (1) of the SEBI Act and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) Subsequently, in the matter the undersigned has been appointed as AO by SEBI, on August 13, 2019, in the place of Shri Sahil Malik to inquire into and adjudge, the violation alleged to have been committed by the Noticee.

Source: SecMarx — sebi:Order/VKV/NK/2020-21/10799. 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.