sebi:SD/AO/03/2009
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Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C(2)
Parties
- Bipin Shah
Holding
Shri Bipin Shah failed to comply with the summons/letter dated March 07, 2007 issued under Sections 11C(2) and 11C(3) of the SEBI Act and was held guilty under Section 15A(a) of the SEBI Act. A monetary penalty of Rupees Three Lakhs (Rs. 3,00,000/-) was imposed.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 4. Ms. Babita Rayudu was appointed as the Adjudicating Officer vide order of SEBI dated August 31, 2007 under section 15-I of the Act r/w rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the Adjudicating Rules) to inquire into and adjudge under Section 15A(a) of the SEBI Act, the alleged violation of the provisions of Section 11C(2) & 11C(3) of the SEBI Act.
Page 3 of 9 failed to appear for Personal Hearings inspite of giving two opportunities, the inquiry is proceeded with taking into account the facts and material available on record.
Page 4 of 9 Indiabulls Securities Ltd. bought 57,810 shares & sold 1,44,640 shares in the market. 10. The allegation against the Noticee is that he failed to comply with the summons/Notice dated March 07, 2007 issued by the Investigating Authority and in view of the same, the Noticee is liable to the penalty prescribed under Section 15 A (a) of the SEBI Act. In this regard it is pertinent to note that Section 11 C(2) of the SEBI Act empowers the Investigating Authority of SEBI to require a manager, managing director, officer and other employee of a company and every intermediary or any person associated with the securities market to furnish such information or to preserve and produce all the books, registers, other documents and record of the company or the intermediary, as may be required by the Investigating Authority. Further, Section 11 C (3) empowers the Investigating Authority of SEBI to 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 authorized by it in this behalf as it may consider necessary if the furnishing of such information or documents are necessary.
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Source: SecMarx — sebi:SD/AO/03/2009. 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.