sebi:RA/JP/265/2017
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Facts / Headnote
Penalty of Rs. 6,00,000 imposed ex-parte under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Holding
The Noticee violated SEBI Circulars requiring mandatory SCORES authentication and is liable for monetary penalty under Section 15HB of the SEBI Act, with a penalty of Rs. 6,00,000 imposed.
Full text
Page 2 of 10 APPOINTMENT OF ADJUDICATING OFFICER 2. SEBI initiated adjudication proceedings and appointed Ms. Anita Kenkare as Adjudicating Officer under Section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter be referred to as, the “SEBI Act”) read with rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter be referred to as the “Adjudication Rules”) vide
Page 3 of 10 advertisement, failing which SEBI would be constrained to initiate appropriate enforcement actions. Thereafter, vide Circular No. CIR/OIAE/1/2013 dated April 17, 2013, listed companies that had not obtained their SCORES user ID and password from SEBI, were directed to obtain the same. The said Circular stated that failure to obtain SCORES user ID and password within 30 days of issue of this Circular, would be deemed to be willful avoidance of the same. However, allegedly, the Noticee had failed to obtain the SCORES authentication as required.
Page 4 of 10 was also affixed at the last known address of the Noticee and the Affixture Report dated July 25, 2017 is available on records. However, Noticee had neither appeared during the scheduled hearing nor submitted any reply towards the SCN.
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Source: SecMarx — sebi:RA/JP/265/2017. 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.