sebi:SD/AO/56/2010
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 11C
Parties
- M/s V.R.M. Share Broking Pvt. Ltd.
Holding
The Noticee violated Section 11C(5) of the SEBI Act by failing to comply with the Investigating Authority's summonses and is liable for monetary penalty of Rs. 1,50,000 under Section 15A(a) read with Section 15HB of the SEBI Act.
Full text
Page 2 of 8 APPOINTMENT OF ADJUDICATING OFFICER: 2. Ms. Babita Rayudu was appointed as the Adjudicating Officer vide Order of SEBI dated June 2, 2006 under section 15-I of the SEBI Act, 1992 (hereinafter referred to as the ‘SEBI Act’) read with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15HB of the SEBI Act, the non- compliance of the requirements under 11C (5) of the SEBI Act by the Noticee.
Page 3 of 8 6. On considering the facts of the case, it was decided to conduct an inquiry in the matter and the Noticee was granted an opportunity of personal hearing before me on April 20, 2010. However, the Noticee sought an extension for 15 days due to non-availability of its counsel. Accordingly the Noticee was given another hearing opportunity on May 14, 2010. The Noticee appeared through its authorized representatives for the hearing on the scheduled date and made oral submissions which shall be discussed during the course of the order. The Noticee has also submitted another reply dated May 13, 2010 subsequent to the hearing proceeding.
Page 4 of 8 requiring it to appear before the Investigating Authority and furnish required information and documents on December 1, 2004. The said summons was sent to the Noticee by courier and was duly received as indicated by the courier tracking receipt available on record. It is alleged that the Noticee has failed to comply with the said summons. The Investigating Authority had issued further summons dated December 3, 2004 and January 28, 2005 and sent them through courier and Registered A.D. respectively, which have been duly delivered. The summons dated January 28, 2005 has also been sent by Fax and copy of the transmission is available on record.
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Source: SecMarx — sebi:SD/AO/56/2010. 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.