sebi:SEBI/NRO/AO/GRM/01/2013
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Facts / Headnote
Violation established; monetary penalty of Rs.10,000 imposed under Section 15HB
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Holding
The Noticee failed to obtain SCORES authentication within the stipulated time under the cited SEBI Circulars, and the violation was established beyond reasonable doubt. A monetary penalty of Rs.10,000 under Section 15HB of the SEBI Act was imposed on the Noticee.
Full text
Page 2 of 4 APPOINTMENT OF ADJUDICATING OFFICER 4. In view of above alleged violations adjudication proceedings have been initiated against the Noticee. The undersigned has been appointed as the Adjudicating Officer, vide Order dated November 09, 2012 under Section 15‐I of the SEBI Act read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties 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 alleged violations committed by the Noticee.
Page 3 of 4 e) After receipt of SCN, Noticee realised their lapse in registration for SCORES and they again sent the form for authentication for SCORE by speed post.. f) It is also submitted that as on date they have complied with the SCORES Registration process and also stated that they were confused with registration process and there was no intention to delay as they respect investors. g) They further requested to kindly consider their case sympathetically and drop the proceedings against them.
Page 4 of 4 user id and password they received, they would have come to know that they are not registered properly. 12. In view of above observations, I found that the allegation against the Noticee that they have not complied with the Circulars issued by SEBI within the stipulated time has been established beyond any reasonable doubt. Hence, they are liable to monetary penalty under Section 15HB of the SEBI Act.
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Source: SecMarx — sebi:SEBI/NRO/AO/GRM/01/2013. 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.