sebi:PJ/JAK/10/2016
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed under Section 15HB for failure to obtain SCORES authentication; charge under Section 15C for failure to redress one investor complaint held not established
Provisions invoked
- s. 15
- s. 19
- s. 15J
- s. 15C
Parties
- M/s Tasc Finance Limited
Holding
The Noticee violated SEBI Circular No. CIR/OIAE/1/2012 by failing to obtain SCORES authentication and is liable to penalty under Section 15HB of the SEBI Act. The charge of violating the same Circular by failing to redress one investor complaint punishable under Section 15C was not established.
Full text
Adjudication Order in respect ofM/sTasc FinanceLimitedPage 2 of 11 2. SEBI observed from SCORESthat one(1)complaintwas filed by the investor.The said complaint was not resolved within the specified time in terms of SEBICircular No. CIR/OIAE/1/2012 dated August 13, 2012. The same was also communicated to the Noticee by SEBIvide its letter Ref. No. OIAE1/SD/12191/2014 dated 29.04.2014.(inadvertently mentioned as dated 18.11.2014 in the Show Cause Notice).
Adjudication Order in respect ofM/sTasc FinanceLimitedPage 3 of 11 Section 15 HBand Section 15C of SEBI Act for the alleged violation of provisions of the circular bynot obtaining SCORES authentication and failing to redressone(1) investor complaintwithin the prescribed time. The SCN was sent by Hand Delivery, however, it was returned undelivered with a remark “Address Incomplete”. Thereafter, an opportunity of personal hearing was granted on 11.02.2016 vide hearing notice dated 21.01.2016 forwarding the copy of the SCN dated 14.01.2016 andadvising the Noticee to reply within 14 days. The said hearing notice was affixed on the door of the premises on 30.01.2016. The Noticee failed to reply to the SCN and also did not appear for the hearing.Thereafter, another opportunity of personal hearing was granted on 25.02.2016 vide hearing notice dated 15.02.2016. The said hearing notice was sent through Speed post Acknowledgement Due and/ or Hand Delivery/ affixture. The said notice sent through Speed Post Acknowledgement Due was returned undelivered with a remark “Incomplete Address”. Since the hearing notice could not be delivered, the same was affixed at the address of the Noticee on 16.02.2016. The Noticee was advised to furnish the reply by 24.02.2016.However, the Noticee has failed to reply to the SCN till date and further failed to appear before the undersigned for the opportunities of hearing granted on 11.02.2016 and 25.02.2016in spite of sending the SCN and Hearing Notices on
Adjudication Order in respect ofM/sTasc FinanceLimitedPage 4 of 11 the reasons mentioned above, I observe that the Noticee was provided with enough opportunities to submit reply/ to be heard and hence, I am constrained to proceed ex-parte with the matter on the basis of the material available on record.
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Source: SecMarx — sebi:PJ/JAK/10/2016. 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.