sebi:Order/VV/AK/2022-23/22623
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Facts / Headnote
Violation of SCORES authentication circulars established, penalty of Rs. 1,00,000 imposed under Section 15HB; charge under Section 15C for non-redressal of 3 investor complaints held not established.
Provisions invoked
- s. 15
- s. 11(1)
- s. 15H
- s. 15I
- s. 15J
- s. 28A
- s. 15C
Parties
- Tinna Finex Ltd
Holding
The Noticee violated SEBI Circulars by failing to obtain SCORES authentication within the stipulated time and is liable to penalty under Section 15HB of the SEBI Act. The allegation of violation of Section 15C of the SEBI Act for failure to redress 3 investor complaints does not stand established.
Full text
Adjudication Order in respect of Tinna Finex Limited Page 2 of 10 in the matter of Non-redressal of investor grievances 2. Noticee submitted as per the direction issued by the Hon’ble SAT in the aforesaid
Adjudication Order in respect of Tinna Finex Limited Page 3 of 10 in the matter of Non-redressal of investor grievances 4. In the view of the above, I find that Noticee failed to take reasonable step to appear before the AO on November 24, 2022 as directed by the Hon’ble SAT in its order dated October 31, 2022.
Adjudication Order in respect of Tinna Finex Limited Page 4 of 10 in the matter of Non-redressal of investor grievances 7. Noticee submitted that the present adjudication is barred due to limitation since significant time has been elapsed. Further, SCN dated July 27, 2017 is bad in law. In this regard, I note that SCN dated July 27, 2017 issued by the SEBI and the same has been disposed of by the vide AO order dated February 19, 2018. However, SCN dated July 27, 2017 was delivered on the old address of the Noticee. Accordingly, the present adjudication proceedings have been initiated due to Hon’ble SAT order vide dated October 31, 2022, in which Hon’ble SAT remanded back the matter.
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Source: SecMarx — sebi:Order/VV/AK/2022-23/22623. 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.