sebi:PG/AA/AO-20/2013

SEBI · SEBI · 2012-09-13 · Piyoosh Gupta, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Violations not established; matter disposed off without penalty

Provisions invoked

Parties

Holding

The alleged violation of SEBI circular No. CIR/OIAE/1/2012 for failure to obtain SCORES authentication was held not established and the adjudication proceedings against Everlon Synthetics Ltd. were disposed off without penalty.

Full text

Adjudication order against M/s Everlon Synthetics Ltd. March 28, 2013 Page 2 of 5 3. Based on the said observations, it was alleged that by failing to obtain SCORES authentication, the Noticee has failed to comply with SEBI circular No. CIR/OIAE/1/2012 dated August 13, 2012 which required all companies whose securities are listed on stock exchanges to obtain SCORES authentication by September 14, 2012. The aforesaid alleged violation, if established, makes the Noticee liable for monetary penalty under section 15HB of Securities and Exchange Board of India, 1992 (hereinafter referred to as ‘SEBI Act’).

Adjudication order against M/s Everlon Synthetics Ltd. March 28, 2013 Page 3 of 5 "1. ....................................

Adjudication order against M/s Everlon Synthetics Ltd. March 28, 2013 Page 4 of 5 CONSIDERATION OF ISSUES AND FINDINGS 8. The issues that arise for consideration in the present case are : a) Whether the Noticee by failing to obtain SCORES authentication has failed to comply with SEBI circular No. CIR/OIAE/1/2012 dated August 13, 2012? b) Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 HB of SEBI Act? c) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15J of SEBI Act?

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Source: SecMarx — sebi:PG/AA/AO-20/2013. 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.