sebi:RA/CB/268/2017
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Facts / Headnote
Ex-parte penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- M/s Inducon India Limited
Holding
The Noticee failed to obtain mandatory SCORES authentication in violation of SEBI Circulars No. CIR/OIAE/2/2011, CIR/OIAE/1/2012, CIR/OIAE/1/2013 and CIR/OIAE/1/2014 and was held liable under Section 15HB of the SEBI Act. A monetary penalty of Rs. 6,00,000/- was imposed on the Noticee ex-parte.
Full text
Adjudication Order against M/s Inducon India Limited Page 2 of 9 1995 (hereinafter 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 order dated October 04, 2017.
Adjudication Order against M/s Inducon India Limited Page 3 of 9 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, 2014. It was stated in the SCN that alleged failure to obtain SCORES authentication, if proved, would make the Noticee liable for
Adjudication Order against M/s Inducon India Limited Page 4 of 9 proceedings and, therefore, appellants are presumed to have admitted charges levelled against them in the show cause notices”.
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Source: SecMarx — sebi:RA/CB/268/2017. 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.