sebi:VKV/DL/AO-142/2016

SEBI · SEBI · 2016-02-02 · Vijayant Kumar Verma, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Adjudication proceedings initiated vide Show Cause Notice dated 02.02.2016 disposed of without imposition of penalty under Section 15C

Provisions invoked

Parties

Holding

The adjudication proceedings against M/s Nova Industries Ltd. were disposed of without penalty, holding that violation of Section 15C of the SEBI Act, 1992 was not established and not tenable.

Full text

Adjudication Order against M/s Nova Industries 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 twenty one (01) investor complaint(s) were pending against the Noticee as on July 20, 2012.

Adjudication Order against M/s Nova Industries 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 Nova Industries 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-142/2016. 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.