sebi:PB/AO-126/2010
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Facts / Headnote
Monetary penalty imposed
Provisions invoked
- s. 19
- s. 12
- s. 19H
- s. 19D
Regulations
- Reg. 199
- Reg. 54(5)
- Reg. 54
Holding
The Noticee violated regulation 54(5) of the DP Regulations by long delay in confirming dematerialisation requests and was held liable for monetary penalty under section 19D of the Depositories Act, with a penalty of Rs 5,00,000 imposed.
Full text
Page 2 of 16 The aforesaid delay is alleged to be in violation of regulation 54 (5) of SEBI (Depositories and Participants) Regulations 1996, (hereinafter referred as "DP Regulations") and liable for penalty under section 19D of the Depositories Act, 1996 (hereinafter referred to as the “Depositories Act”).
Page 3 of 16 card received. The Noticee vide letter dated April 15, 2008 had requested the erstwhile adjudicating officer for personal hearing after April 21, 2008.
Page 4 of 16 Depository No. of DRN cleared No. of Shares involved NSDL 143 2,16,800 CDSL 142 1,21,300 • Your honor will appreciate that Dematerialization is an ongoing process and we assure you that pending DRN if any, will be resolved immediately. • Looking to the fact that the company has no operations and is not functioning in commercial manner, we request your honor to take lenient view in the matter and oblige.”
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Source: SecMarx — sebi:PB/AO-126/2010. 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.