sebi:VKV/DL/AO-10/2016
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated December 18, 2015 disposed of without penalty; Noticee held not liable under Section 15C
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 15C
Parties
- Volex Finance & Industries Ltd.
Holding
The Adjudicating Officer held that Volex Finance & Industries Ltd. had not violated Section 15C of the SEBI Act, 1992 and was not liable for monetary penalty under that section, and disposed of the proceedings initiated vide SCN dated December 18, 2015.
Full text
Adjudicating Order in respect of Volex Finance & Industries Ltd. February 03, 2016 Page 2 of 5 Circular and advising the Noticee to send the information (i.e. details for authentication) as required in the Circular, at the earliest. The above mentioned letters returned undelivered.
Adjudicating Order in respect of Volex Finance & Industries Ltd. February 03, 2016 Page 3 of 5 7. The said SCN No. SEBI/NRO/AO/VKV/DL/SCN/2265/2015 dated December 18, 2015 was sent at the known office address (s) at“811, Ansal Bhawan, Kasturba Ghandhi Marg, New Delhi-110001” of the Noticee through Postal Department. However, the same was undelivered.
Adjudicating Order in respect of Volex Finance & Industries Ltd. February 03, 2016 Page 4 of 5 12. It has already been observed that SEBI introduces an online electronic system for resolution of investor grievances, i.e. SCORES in 2011. As per SCN once a complaint against a company is uploaded by SEBI in the SCORES, it amounted to calling upon by SEBI to such company to redress the investor grievance. For the purposes of accessing the complaints of the investor against them, as uploaded in the SCORES, listed companies were required to login to SCORES system electronically through a company specific user id and password, to be provided by SEBI. I note that SCN dated December 18, 2015 inter alia alleged that by not submitting the details for authentication as required by the circular, the Noticee did not obtain the user id and password which was essential for accessing the complaints pertaining to the Noticee, as uploaded on the SCORES for redressing the investor grievances and subsequent redressal thereof.
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Source: SecMarx — sebi:VKV/DL/AO-10/2016. 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.