sebi:VKV/DL/AO-170/2016

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

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Facts / Headnote

Adjudication proceedings disposed of without penalty

Provisions invoked

• s. 15
• s. 15H
• s. 15I
• s. 15J
• s. 15C

Parties

• M/s Usha Iron and Ferro Metals Corporation Ltd.

Holding

The Adjudicating Officer held that the Noticee had not violated Section 15C of the SEBI Act, 1992 and was not liable for monetary penalty thereunder, and disposed of the proceedings initiated vide Show Cause Notice dated 02.02.2016.

Full text

Adjudication Order against M/s Usha Iron and Ferro Metals Corporation Ltd. March 31, 2016 Page 2 of 6 2. In order to further remind the Noticee about the compliance with the requirements as laid down in the SEBI Circular dated June 03, 2011, letters dated January 11, 2012 and January 18, 2012, was sent to the Noticee informing about the commencement of processing of investor complaints in a centralized web based complaints redress system SCORES in terms of the Circular and advising the Noticee to send the information (i.e. details for authentication) as required in the Circular, at the earliest. However, the same were undelivered.

Adjudication Order against M/s Usha Iron and Ferro Metals Corporation Ltd. March 31, 2016 Page 3 of 6 Subsequent to the transfer of Shri Ram Mohan Rao, the undersigned was appointed as Adjudicating Officer vide order dated June 25, 2013.

Adjudication Order against M/s Usha Iron and Ferro Metals Corporation Ltd. March 31, 2016 Page 4 of 6 a) Whether the Noticee has violated the provisions of Section 15C of SEBI Act, 1992? b) Whether the Noticee is liable for monetary penalty under Section 15C 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?

Source: SecMarx — sebi:VKV/DL/AO-170/2016. 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.