sebi:PB/AO-39/2010
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Facts / Headnote
Monetary penalty imposed on the Noticee
Provisions invoked
- s. 19
- s. 12
- s. 19H
- s. 19D
- s. 19I
Regulations
- Reg. 199
- Reg. 54(5)
- Reg. 54
Holding
The Noticee violated regulation 54(5) of the DP Regulations by failing to complete dematerialization within the stipulated time and was held liable under section 19D of the Depositories Act. A monetary penalty of Rs. 20,00,000 was imposed on the Noticee.
Full text
Page 2 of 22 2. 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 22 We hereby request you to assist us in the transfer of data from Mas Services Private Limited, New Delhi to Sharex Dynamic (India) Pvt. Ltd., Mumbai by instruction NSDL to shift the data base. Once this problem is resolved, we will be able to clear about 75% to 80% of the backlog within 15 days and the balance within next month. We will also keep you informed every fortnight about the progress made in this matter.”
Page 4 of 22 dated August 06, 2008 by then Adjudicating Officer. I find from the records that Noticee vide letter dated August 12, 2008 requested for postponement of hearing from August 28, 2008 to August 29, 2008. Acceding to the request of the Noticee the hearing was fixed on August 29, 2008. The Noticee vide letter dated August 26, 2008 again requested to postpone the hearing. Acceding to the request of the Noticee, opportunity of hearing was granted to the Noticee on May 13, 2009 vide letter dated April 22, 2009. Mr.Amul Gandhi, Authorised Representative of the Noticee (hereinafter referred to as “AR”) appeared on behalf of the Noticee on May 13, 2010 and submitted inter-alia as under:
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Source: SecMarx — sebi:PB/AO-39/2010. 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.