sebi:PJ/VP/28/2017
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Facts / Headnote
Ex-parte penalty imposed on Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 11(1)
- s. 15J
- s. 15C
Parties
- M/s Innoventive Venture Limited
Holding
The Noticee violated SEBI Circulars CIR/OIAE/2/2011 read with CIR/OIAE/1/2012 read with CIR/OIAE/1/2013 by failing to resolve 1 investor complaint within the specified time and failing to file the ATR in SCORES. The Adjudicating Officer imposed a penalty of Rs 1,00,000 under Section 15A(a) and Rs 1,00,000 under Section 15C of the SEBI Act (Total Rs 2,00,000).
Full text
Adjudication Order in respect of M/s. Innoventive Venture Ltd 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. Innoventive Venture Ltd Page 3 of 13 SHOW CAUSE NOTICE, HEARING & REPLY 5. Show Cause Notice No. EAD/PJ/VRP/12630/2016 (SCN) in terms of the provisions of Rule 4(1) of the Rules was issued to the Noticee on 29.04.2016, calling upon the Noticee to show cause why an inquiry should not be held against it under Rule 4(3) of the Rules read with Section 15 I of the SEBI Act, 1992 for the alleged violations. The said SCN was sent through email in term of Rule 7(b) of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2015 Rules. (hereinafter referred to as ‘Rules’). The said SCN was duly delivered at the Email ID- innoventive.venture@gmail.com. However, the Noticee failed to submit it reply to the SCN.
Adjudication Order in respect of M/s. Innoventive Venture Ltd Page 4 of 13 29.04.2016 along with evidence latest by 28.11.2016, however, the Noticees did not submit their reply to the SCN till date. In the said SCN and in the hearing 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
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Source: SecMarx — sebi:PJ/VP/28/2017. 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.