sebi:PKK/AO/226/2010
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Facts / Headnote
Matter disposed of - allegation not established, no penalty imposed
Provisions invoked
- s. 15
- s. 15A
- s. 11C
- s. 12
Parties
- Shri Rajesh P. Somani
Holding
The allegation of violation of Section 11C(2) read with Section 11C(5) against Shri Rajesh P. Somani does not stand established and the matter is accordingly disposed of.
Full text
Page 2 of 5 2. SEBI has therefore, initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘Act’) against the Noticee to inquire into and adjudge the alleged violations of the provisions of Section 11C (2) read with Section 11C (5) of the Act.
Page 3 of 5 written reply submitted by the Noticee, the AO considered the matter on the basis of the material available on record. The AO accordingly decided to conduct an inquiry. The AO granted an opportunity of personal hearing to the Noticee by issuing a letter dated November 19, 2009 advising him to appear before him on December 03, 2009 for the personal hearing. The notice of hearing was served on the Noticee by courier.
Page 4 of 5 SCN, the written submissions made by the Noticee and the material available on record. In the instant matter the following issues arise for consideration and determination: a. Whether the Noticee has violated the provisions of Section 11C (2) read with 11C (5) of the Act by non-compliance of summons issued by the Investigating Authority, SEBI? b. Whether the Noticee is liable for monetary penalty prescribed under Section 15A (a) of the Act for the aforesaid violation? c. If yes, what should be the quantum of monetary penalty?
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Source: SecMarx — sebi:PKK/AO/226/2010. 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.