sebi:PKK/AO/152/2011
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Facts / Headnote
Violation established; penalty of Rs. 25,00,000 imposed under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 30
Regulations
- Reg. 7A
Parties
- Amam
Holding
The Noticee violated Section 12(1A) of the SEBI Act read with Regulations 7A and 10(a) of the FII Regulations by investing in its own name contrary to registration conditions, and is liable for penalty under Section 15HB. A monetary penalty of Rs. 25,00,000 was imposed.
Full text
Page 2 of 9 2. SEBI has therefore initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’) against the Noticee for its alleged violation of the provisions of Section 12 (1A) of the SEBI Act read with Regulation 7A and 10 (a) of the FII Regulations due to its alleged failure to comply with the terms and conditions as cited in the registration letter no. IIMARP/459/96 dated February 28, 1996 and the renewal letter no. FITTC/FC/21931/2001 dated January 22, 2001.
Page 3 of 9 Vide Office Note dated June 25, 2009 the AO was requested to keep the proceedings in abeyance till the consent application was decided upon. Vide office note dated April 26, 2011, the undersigned was requested to resume the adjudication proceedings against the Noticee as the consent application was rejected. The undersigned granted an opportunity of personal hearing to the Noticee on May 11, 2011 vide letter dated April 29, 2011. The authorised representatives of the Noticee attended the said personal hearing made oral
Page 4 of 9 securities market as the Board may by notification in this behalf specify, shall buy or sell or deal in securities except under and in accordance with the conditions of a certificate of registration obtained from the Board in accordance with the regulations made under this Act : Provided that a person buying or selling securities or otherwise dealing with the securities market as a depository, participant, custodian of securities, foreign institutional investor or credit rating agency immediately before the commencement of the Securities Laws (Amendment) Act, 1995, for which no certificate of registration was required prior to such commencement, may continue to buy or sell securities or otherwise deal with the securities market until such time regulations are made under clause (d) of sub-section (2) of section 30.
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Source: SecMarx — sebi:PKK/AO/152/2011. 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.