sebi:VKV/AS/AO-27/2018

SEBI · SEBI · 2015-02-13 · Vijayant Kumar Verma, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Penalty of Rs. 2,00,000 imposed on the Noticee

Provisions invoked

• s. 15
• s. 15I
• s. 15J
• s. 15C

Parties

• M/s Tinna Finex Ltd.

Holding

M/s Tinna Finex Ltd. failed to obtain SCORES authentication and to resolve 3 pending investor grievances in violation of SEBI Circular dated April 17, 2013, and was held liable under Sections 15C and 15HB of the SEBI Act, 1992 with a penalty of Rs. 2,00,000 imposed.

Full text

Adjudication Order against M/s Tinna Finex Ltd. February 19, 2018 Page 2 of 6 APPOINTMENT OF ADJUDICATING OFFICER 4. The undersigned was appointed as Adjudicating Officer, vide order dated February 13, 2015, under section 15-I of SEBI Act and rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) to enquire into and adjudge under section 15C and 15HB of Securities and Exchange Board of India, Act, 1992 (hereinafter referred to as "SEBI Act, 1992”) for the alleged violations committed by the Noticee.

Adjudication Order against M/s Tinna Finex Ltd. February 19, 2018 Page 3 of 6 b) Whether the Noticee is liable for monetary penalty under Section 15C and 15HB of the SEBI Act, 1992? c) What quantum of monetary penalty should be imposed on the Noticee taking into consideration the factors mentioned in Section 15J of the SEBI Act, 1992?

Adjudication Order against M/s Tinna Finex Ltd. February 19, 2018 Page 4 of 6 its sanctity has to be maintained by all the listed companies…….” Therefore, I hold that the Noticee has failed in its duty by not taking SCORES authentication and not resolving the investor grievances pending against it as alleged in the SCN.

Source: SecMarx — sebi:VKV/AS/AO-27/2018. 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.