sebi:VSS/AO-105/2009
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Facts / Headnote
Penalty of Rs. 10,00,000 imposed on the Noticee for failure to comply with summonses under sections 11C(3) and 11C(5) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 11C(3)
Holding
The Noticee was held liable for violating sections 11C(3) and 11C(5) of the SEBI Act by failing to comply with four summonses issued by the Investigating Authority, and a monetary penalty of Rs. 10,00,000 was imposed under section 15A(a) of the SEBI Act.
Full text
Page 2 of 13 Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) and consequently, liable for monetary penalty under section 15A of the SEBI Act.
Page 3 of 13 7. 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 17, 2009 to SEBI, ERO vide letter dated February 17, 2009. The said hearing notice was affixed through SEBI, ERO at the (above-mentioned) last known address of the Noticee. Vide letter dated April 22, 2009, a second and final opportunity was given to the Noticee to appear before me on May 13,
Page 4 of 13 10. Before moving forward, it is pertinent to refer to the provisions of regulations 11C(3) and 11C(5) of SEBI Act, which reads as under:- 11C (3) The Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation.
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Source: SecMarx — sebi:VSS/AO-105/2009. 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.