sebi:VKV/AS/AO-41/2018

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

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Facts / Headnote

Adjudication proceedings disposed of without penalty

Provisions invoked

• s. 15
• s. 15I
• s. 15J
• s. 15C

Parties

• M/s Intercraft Ltd.

Holding

The adjudication proceedings initiated against M/s Intercraft Ltd. for failure to obtain SCORES authentication and redress investor grievances were disposed of without penalty, as the allegations were held not established.

Full text

Adjudication Order against M/s Intercraft Ltd. March 14, 2018 Page 2 of 3 within specified time. Thus, it was alleged that Noticee had failed to redress pending investor grievances which renders the Noticee liable for imposition of penalty under Section 15C and 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act, 1992').

Adjudication Order against M/s Intercraft Ltd. March 14, 2018 Page 3 of 3 9. I have carefully perused the charges levelled against the Noticee, his reply and the material / documents available on record. In the instant matter, the following issues arise for consideration and determination:- a) Whether the Noticee has failed to resolve investor grievances? 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?

APPOINTMENT OF ADJUDICATING OFFICER 4. The undersigned was appointed as the 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 inquire and adjudge under Section 15C and 15HB of the SEBI Act, 1992, the alleged violations committed by the Noticee.

Source: SecMarx — sebi:VKV/AS/AO-41/2018. 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.