sebi:SEBI/NRO/AO/GRM/03/2013
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Facts / Headnote
Penalty imposed on Noticee for violation of SEBI Circulars
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Noticee (unnamed in text)
Holding
The Noticee was held liable for failing to obtain SCORES authentication within the stipulated time as mandated by SEBI Circulars, and a monetary penalty of Rs.10,000 was imposed under Section 15HB of the SEBI Act.
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 CONSIDERATION OF ISSUES, EVIDENCES AND FINDINGS 8. I have considered the facts and circumstances of the case, reply filed by Noticee and the material made available on record. In the present matter following issues arise for consideration and determination : a) Whether the Noticee had violated the Circular No. OIAE/2/2011 dated June 3, 2011 read with Circular no. OIAE/1/2012 dated August 13, 2012? b) Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 HB of SEBI Act? c) If so, what would be the quantum of monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
Page 4 of 4 annexure to the circular to SEBI and scores@sebi.gov.in and obtain the SCORES user ID and password. In case of failure to obtain the SCORES user ID and password within 30 days of issue of the circular, the same would not only be deemed as non redressal of investor grievances but also indicate willful avoidance of the same. It is further noted that the said circular has not superseded earlier circulars with respect to SCORES. Hence, any penalty imposed upon the Noticee gets validated in terms of earlier Circulars No. OIAE/2/2011 dated June 3, 2011 and OIAE/1/2012 dated August 13, 2012.
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Source: SecMarx — sebi:SEBI/NRO/AO/GRM/03/2013. 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.