sebi:VKV/DL/AO-135/2016
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated 02.02.2016 disposed of without penalty; no violation of Section 15C held
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 15C
Parties
- M/s National Switchgears Ltd.
Holding
The Adjudicating Officer held that the Noticee had not violated Section 15C of the SEBI Act, 1992 and disposed of the adjudication proceedings initiated vide SCN dated 02.02.2016 without imposing any monetary penalty.
Full text
Adjudication Order against M/s National Switchgears Ltd. March 30, 2016 Page 2 of 6 2. As observed from the contents of the Circular, SCORES introduced electronic dealing of the complaints of the investors, by the respective companies. Thus, once a complaint against a company was uploaded by SEBI in the SCORES, it amounted to calling upon by SEBI to such company to redress the investor grievance. Accordingly, it was incumbent upon such company to redress the investor complaint. It was observed that three (03) investor complaint(s) were pending against the Noticee as on July 20, 2012.
Adjudication Order against M/s National Switchgears Ltd. March 30, 2016 Page 3 of 6 against it in terms of Rule 4 of the Adjudication Rules read with section 15I of SEBI Act, 1992 and penalty be not imposed under section 15C of SEBI Act, 1992 for the violation alleged to have been committed by the Noticee.
Adjudication Order against M/s National Switchgears Ltd. March 30, 2016 Page 4 of 6 FINDINGS 10. On perusal of the material available on record and giving regard to the facts and circumstances of the case, I record my findings hereunder.
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Source: SecMarx — sebi:VKV/DL/AO-135/2016. 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.