sebi:PB/AO-27/2010
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 19
- s. 12
- s. 19D
- s. 19H
- s. 19I
Regulations
- Reg. 199
- Reg. 54(5)
- Reg. 54
Holding
The Noticee violated regulation 54(5) of the DP Regulations by inordinate delay in dematerialization and is liable for monetary penalty under section 19D of the Depositories Act, and a penalty of Rs. 3,50,000 was imposed.
Full text
Page 2 of 18 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 18 replied that, they did not receive the SCN and requested for the adjournment of the hearing. Acceding to the request of the Noticee, a second opportunity of hearing was granted to the Noticee on July 16, 2009 vide letter dated May 18, 2009 through the SEBI, Western Regional Office. An email dated May 18, 2009 attaching the SCN dated March 27, 2008 as well as hearing notice dated May 18, 2009 was sent to the Noticee. The Noticee vide letter dated June 02, 2009 replied to the SCN, detailing the
Page 4 of 18 CONSIDERATION OF ISSUES AND FINDINGS 6. I have carefully perused the written submission of the Noticee and the documents available on record. The issues that arise for consideration in the present case are :
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Source: SecMarx — sebi:PB/AO-27/2010. 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.