sebi:Order/VV/JR/2020-21/8019
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Facts / Headnote
disposed of
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 2
- Reg. 23(1)
- Reg. 3(1)
- Reg. 12(2)
Holding
The instant adjudication proceedings initiated against the Noticee vide SCN dated May 29, 2019 are disposed of in terms of section 15JB of the SEBI Act read with regulation 23(1) of the Settlement Regulations on the basis of the settlement terms.
Full text
Page 2 of 3 conduct specified under Part B of Schedule I read with regulation 12(2) of PIT Regulations. 2. Pursuant to above, the competent authority in SEBI was satisfied that there are sufficient grounds to inquire into the affairs and adjudicate upon the alleged violation of aforesaid PIT Regulations. Vide a communication-order dated June 21, 2016, the competent authority had appointed an Adjudicating Officer under section 15-I of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) to inquire into and adjudge under section of 15HB of the SEBI Act for the aforesaid alleged violations. Subsequently, by a communication-order dated August 13, 2019, this case has been transferred to the undersigned with an advise that except for the change of the Adjudicating Officer the other terms and conditions of the original orders ‘shall remain unchanged and shall be in full force and effect’ and that the “Adjudicating Officer shall proceed in accordance with the terms of reference made in the original orders”.
Page 3 of 3 settlement amount. 7. Therefore, in view of the acceptance of the settlement terms and receipt of penalty amount as above by SEBI, the instant adjudication proceedings initiated against the Noticee vide SCN dated May 29, 2019 are disposed of in terms of section 15JB of the SEBI Act read with regulation 23(1) of the Settlement Regulations on the basis of the settlement terms.
3. Accordingly, in terms of rule 4(1) SEBI Adjudication Rules read with section 15I of SEBI Act, the show cause notice dated May 29, 2019 (hereinafter referred to as ‘the SCN’) was issued to the Noticee, by the then Adjudicating Officer, calling upon them to show cause as to why an inquiry should not be held against them in terms of rule 4 of the SEBI Adjudication Rules and penalty be not imposed under Section 15HB of the SEBI Act.
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Source: SecMarx — sebi:Order/VV/JR/2020-21/8019. 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.