sebi:SP/AK/01/2017
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Facts / Headnote
Adjudication proceedings disposed of pursuant to settlement
Regulations
- Reg. 17
- Reg. 15(1)
Holding
The pending adjudication proceedings initiated against the noticee vide SCN dated March 17, 2015 are disposed of in terms of Regulation 15(1) of Settlement Regulations, on acceptance of the settlement terms proposed by the noticee and receipt of the demand draft for Rs.3,13,315/-.
Full text
Page 2 of 3 4. While the adjudication proceedings were in progress, the noticee submitted an application for settlement of the proceedings, in terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 (hereinafter referred to as ‘Settlement Regulations’).
Page 3 of 3 8. Accordingly, noticee vide letter dated May 12, 2017 submitted a demand draft (DD) bearing No.25153 dated May 12, 2017 drawn on HDFC Bank Ltd. for Rs.3,13,315/- (Three Lakh Thirteen Thousand Three Hundred Fifteen Only) [i.e. Rs.3,00,000/- towards settlement charges plus Rs.13,315/- towards interest from August 18, 2016 till May 15, 2017].
5. The settlement terms as proposed by the noticee were considered by the Internal Committee of SEBI in its meeting held on April 28, 2016 and placed before the High Powered Advisory Committee for settlement orders and compounding proceedings (HPAC) in its meeting held on May 30, 2016. Upon consideration, HPAC recommended that the alleged violations may be settled on payment of Rs.3,00,000/- (Rupees Three Lakh Only) towards settlement terms as proposed by the noticee. Thereafter, the panel of Whole Time Members of SEBI has in principle agreed to accept the terms of consent proposed subject to the clauses of Undertakings/Waivers vide the subject application. Thereafter, the noticee was intimated of the recommendations vide e-mail dated August 18, 2016.
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Source: SecMarx — sebi:SP/AK/01/2017. 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.