sebi:PJ/VP/26/2017
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Facts / Headnote
Penalty imposed totalling Rs 2,00,000 - Rs 1,00,000 under Section 15A(a) and Rs 1,00,000 under Section 15C
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11(1)
- s. 15J
- s. 15C
Parties
- M/s. Cifco Finance Limited
Holding
The Noticee violated SEBI SCORES Circulars by failing to resolve one pending investor complaint within the specified time and failing to file the ATR in SCORES, attracting liability under Section 15A(a) and Section 15C of the SEBI Act. A total monetary penalty of Rs 2,00,000 was imposed on M/s. Cifco Finance Limited.
Full text
Adjudication Order in respect of M/s. Cifco Finance Limited Page 2 of 13 2. In term of the SEBI Circulars, the Noticee was supposed to take appropriate necessary steps within 7 days of receipt of complaint through SCORES, and resolve the complaint within 30 days of receipt of complaint and file the ATR in SCORES within 30 days of receipt of the said complaint/ investor grievance, failing which appropriate legal action including initiation of adjudication proceedings against the Noticee and its directors may be initiated by SEBI.
Adjudication Order in respect of M/s. Cifco Finance Limited Page 3 of 13 dated June 3, 2011, Circular No. CIR/OIAE/1/2012 dated August 13, 2012 and Circular No. CIR/OIAE/1/2013 dated April 17, 2013 issued by SEBI.
Adjudication Order in respect of M/s. Cifco Finance Limited Page 4 of 13 notices it was specifically stated that, if the Noticee fails to submit their reply to the SCN or fails to attend the hearing proceeding on the stipulated date and time, it will be presumed that Noticee has no submissions to offer in its defense and the matter would be further proceeded with on the basis of the material available on record. I note that the Noticee failed to submit the reply to the SCN and also failed to appear for hearings to substantiate their case towards the allegations stated in the SCN. For the reasons mentioned above, I observe that the Noticee was provided with enough opportunities to submit their 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/VP/26/2017. 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.