sebi:RA/CB/267/2017

SEBI · SEBI · 2017-03-31 · Rachna Anand, Adjudicating Officer

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Facts / Headnote

Violation found ex-parte; penalty of Rs 6,00,000 imposed under Section 15HB of the SEBI Act

Provisions invoked

• s. 15
• s. 15H
• s. 15J

Parties

• M/s Kalpavriksha Industries Limited

Holding

The Noticee failed to obtain mandatory SCORES authentication in violation of SEBI Circulars dated June 3, 2011, August 13, 2012, April 17, 2013 and December 18, 2014, and is liable under Section 15HB of the SEBI Act; a penalty of Rs 6,00,000 was imposed.

Full text

Adjudication Order against M/s Kalpavriksha Industries Limited Page 2 of 9 be referred to as the “Adjudication Rules”) vide order dated March 31, 2017 to inquire into and adjudge under Section 15HB of the SEBI Act against the Noticee for the alleged violation of aforesaid SEBI Circulars. Consequent to transfer of erstwhile Adjudicating Officer, competent authority has appointed the undersigned as Adjudicating Officer vide

Adjudication Order against M/s Kalpavriksha Industries Limited Page 3 of 9 shall be deemed to have been done or taken or commenced under the provisions of this Circular. However, allegedly the Noticee had failed to obtain SCORES Authentication. In view of the above, it was alleged that by failing to obtain SCORES authentication, the Noticee had violated SEBI’s Circulars No. CIR/OIAE/2/2011 dated June 3, 2011, CIR/OIAE/1/2012 dated August 13, 2012, CIR/OIAE/1/2013 dated April 17, 2013 and CIR/OIAE/1/2014 dated December 18,

Adjudication Order against M/s Kalpavriksha Industries Limited Page 4 of 9 notices issued to them nor availed opportunity of personal hearing offered to them in the adjudication proceedings and, therefore, appellants are presumed to have admitted charges levelled against them in the show cause notices”.

Source: SecMarx — sebi:RA/CB/267/2017. 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.