sebi:Order/VV/NK/2020-21/10800

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

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

SCN dated October 1, 2018 disposed of with no further inquiry and no penalty pursuant to settlement

Provisions invoked

• s. 15
• s. 19
• s. 15H

Regulations relied on

• SEBI (PFUTP) Regulations, 2003

Parties

• Vinod Commodities Limited

Holding

The Adjudicating Officer held that no further inquiry is required under Rule 4(3) of the Adjudication Rules and disposed of the Show Cause Notice dated October 1, 2018 issued to Vinod Commodities Limited.

Full text

Adjudication order in respect of Vinod Commodities Limited 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 Vinod Commodities Limited 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. 14,72,500/- 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.

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