sebi:SD/AO/08/2009
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Facts / Headnote
Penalty of Rs. 25,00,000 imposed on Database Finance Limited
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C(3)
Parties
- Database Finance Limited
Holding
Database Finance Limited failed to comply with six summons issued by SEBI's investigating authority in violation of Section 11C(3), and a penalty of Rs. 25,00,000 was imposed under Section 15A(a) of the SEBI Act, 1992.
Full text
Page 2 of 8 5. Consequently, the then Adjudicating Officer was sent on deputation and thereafter the undersigned was appointed as the Adjudicating Officer in the instant matter vide SEBI order dated November 23, 2007.
Page 3 of 8 interests of investors and securities market on account of any delay in the investigation. 11. It is noted that initially a letter dated December 23, 2004 was issued to the Noticee seeking certain information in relation to the dealings in securities market. The noticee sought extension of 2-3 weeks vide its letter dated December 30, 2008. In absence of any response from the noticee even after a lapse of considerable amount of time, the investigating authority was compelled to issue summons dated Febnruary 02, 2005 to the noticee seeking information as sought in the letter dated December 23, 2004. The queries contained in the said letter are the following: i. Date-wise trading details including the name of the scrip, price, quantity and total value of the securities and the names of the brokers. ii. Details of payments made and received with respect to trading in securities including cheque numbers. iii. Demat Account statement.
Page 4 of 8 15. The above stated information had already been submitted to the investigating authority by the noticee vide its letter dated December 6, 2005. the noticee has submitted exactly same information and it is very evident that the information submitted by the noticee in response to the summons was completely inappropriate and did not even vaguely relate to the information sought by the investigating authority.
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Source: SecMarx — sebi:SD/AO/08/2009. 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.