sebi:SBM/AO-2/2011
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Facts / Headnote
Violation of sections 11C(3) and 11C(5) of the SEBI Act established; monetary penalty of Rs. 2,00,000 imposed on the Noticee under section 15A(a) of the SEBI Act.
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
Parties
- Shri Arshad Afzal Khan, Director of M/s Clip Securities and Finance Private Limited
Holding
The Noticee, Shri Arshad Afzal Khan, in his capacity as director of Clip Securities and Finance Private Limited, was held to have violated sections 11C(3) and 11C(5) of the SEBI Act by failing to comply with four summonses issued by the Investigating Authority, and a monetary penalty of Rs. 2,00,000 was imposed under section 15A(a) of the SEBI Act.
Full text
Page 2 of 10 2. The findings of the investigation led to the allegation that Shri Arshad Afzal Khan Director of M/s Clip Securities and Finance Private Limited. (hereinafter referred to as Noticee”) had not complied with the summonses issued to them by SEBI to furnish information and therefore violated the provisions of sections 11C (3) and 11C (5) read with section 11 (3) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) and consequently, liable for monetary penalty and adjudication under the provisions of section 15A (a) of the SEBI Act.
Page 3 of 10 the latest address available on record, i.e. 407, Daulat Bhavan, 2nd Floor, Next to Hanuman Gali, Kalbadevi Road, Mumbai 400 002. The Noticee did not respond to the Show Cause Notice. In the interest of natural justice and in order to conduct an inquiry as per Rule 4 (3) of the Rules, the noticee was granted an opportunity of personal hearing on 29/12/09 at 11.AM. The said hearing notice dated December 15, 2009 sent to the Noticee also returned undelivered as the office at the above said address was closed.
Page 4 of 10 11C (3) The Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation.
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Source: SecMarx — sebi:SBM/AO-2/2011. 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.