sebi:VKV/DL/AO-95/2016

SEBI · SEBI · 2016-01-29 · Vijayant Kumar Verma, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Adjudication proceedings initiated vide Show Cause Notice dated 29.01.2016 disposed of without imposition of penalty

Provisions invoked

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

Parties

• M/s Dewan Steels Ltd

Holding

The allegation that the Noticee violated Section 15C of the SEBI Act, 1992 is not tenable and the Noticee is not liable for monetary penalty under Section 15C. The adjudication proceedings initiated vide Show Cause Notice dated 29.01.2016 are disposed of accordingly.

Full text

Adjudication Order against M/s Dewan Steels Ltd March 28, 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 fourteen (14) investor complaint(s) were pending against the Noticee.

Adjudication Order against M/s Dewan Steels Ltd March 28, 2016 Page 3 of 6 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 Dewan Steels Ltd March 28, 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.

Source: SecMarx — sebi:VKV/DL/AO-95/2016. 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.