sebi:PB/AO-29/2012
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Facts / Headnote
Violation established ex-parte; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 12
- s. 15J
- s. 11C
Holding
The Noticee violated sections 11C(2) and 11C(3) of the SEBI Act by failing to fully comply with three investigation summonses and is liable for penalty under section 15A(a); a monetary penalty of Rs. 5,00,000 was imposed.
Full text
Page 2 of 15 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer vide order dated March 29, 2011 under section 15 I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A (a) of the SEBI Act.
Page 3 of 15 well as in the local newspaper “Nav Bharat Times” published in Hindi on January 05, 2012 about the SCN requiring the Noticee or its authorized representative to collect the SCN from the office of Adjudicating Officer. It was also mentioned in the said notification that if the Noticee failed to reply to the SCN within 14 days from the date of publication, it shall be presumed that the Noticee does not have any reply to submit and the matter would be further proceeded ex-parte. The press notification was issued as a substitute service, for the Noticee. The copy of SCN was also uploaded on SEBI website i.e. www.sebi.gov.in. However, I find that Noticee neither collected SCN nor replied to the SCN.
Page 4 of 15 8. From the abovementioned facts, it is clear that despite granting sufficient opportunities to appear in person and present the case, Noticee has not availed the same.
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Source: SecMarx — sebi:PB/AO-29/2012. 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.