sebi:PB/AO-46/2010
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Facts / Headnote
Violation of regulation 54(5) of DP Regulations established; monetary penalty imposed
Provisions invoked
- s. 19
- s. 12
- s. 19D
- s. 19H
Regulations
- Reg. 199
- Reg. 54(5)
- Reg. 54
Parties
- Noticee (issuer company, name not specified in text)
Holding
The Noticee violated regulation 54(5) of the DP Regulations by failing to complete dematerialization of securities within the stipulated time period, and is liable for a monetary penalty of Rs. 1,50,000 under section 19D of the Depositories Act, 1996.
Full text
Page 2 of 19 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 19 address through Ahmedabad Stock Excahnge (hereinafter referred to as “ASE”) on July 03, 2008. It was advised to ASE that if it is not possible to deliver the SCN to the Noticee by hand then it may arrange to affix the SCN at the address of the Noticee and original acknowledgement or affixture report may be returned to then Adjudication Officer. ASE vide its letter dated July 15, 2008 returned the SCN issued to the Noticee stating that the Noticee was not available at the address mentioned in the SCN and some other company existed at the given address.
Page 4 of 19 as well as in Hindi National Daily “Hindustan” on June 11, 2010 about the hearing notice requiring the Noticee to appear on June 15, 2010 at 03:30 p.m. The press notification was issued as a substitute service, for the Noticee. Pursuant to the uploading of hearing notice on SEBI website and advertisement in the newspapers, I note that the Noticee neither appeared on June 15, 2010 nor requested for adjournment of the hearing.
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Source: SecMarx — sebi:PB/AO-46/2010. 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.