sebi:VSS/AO-101/2009
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Facts / Headnote
Charges held established ex-parte; penalty of Rs.2,00,000 under section 15A(a) and Rs.1,00,000 under section 15HA imposed, total Rs.3,00,000
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 12
Regulations
- Reg. 7
- Reg. 3
- Reg. 6
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 8
- Reg. 8(1)
Parties
- M/s Ramakant Sales & Services (P) Ltd.
Holding
The Noticee violated sections 11C(2), (3) and (5) of the SEBI Act read with regulation 8(1) of PFUTP and regulations 3, 4(1), 4(2)(a), (b), (e) and (g) of PFUTP, and is liable to a total monetary penalty of Rs.3,00,000, comprising Rs.2,00,000 under section 15A(a) and Rs.1,00,000 under section 15HA.
Full text
Page 2 of 14 2. It was alleged that one of the entities, M/s Ramakant Sales & Services (P) Ltd. (hereinafter referred to as “Noticee”) violated the provisions of regulations 3, 4 (1), 4 (2) (a), (b), (e), (g) and 8 (1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and 11C (2), (3) and (5) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 14 specified in the said SCN. The SCN was affixed at the given address. 6. The Noticee did not reply to the SCN. In the interest of natural justice and in order to conduct an inquiry as per rule 4 (3) of the Rules, the Noticee was granted an opportunity of personal hearing on March 18, 2009 at ERO vide notice dated February 17, 2009. The said hearing notice was affixed at the (above-mentioned) last known address of the Noticee. Vide letter dated March 25, 2009, a second and final opportunity was given to the Noticee to appear before me on April 24,
Page 4 of 14 c) Does the violation, if any, on the part of the Noticee attract monetary penalty under sections 15A (a) and 15 HA of SEBI Act? d) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:VSS/AO-101/2009. 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.