sebi:VSS/AO-117/2009
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Facts / Headnote
Violation of Sections 11C(2) and 11C(3) held established; monetary penalty of Rs.10,000 imposed under Section 15A(a)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
Regulations
- Reg. 11C(2)
Holding
The Noticee violated Sections 11C(2) and 11C(3) by failing to appear and furnish information pursuant to two summonses dated December 19, 2007 and January 31, 2008, and is therefore liable for penalty under Section 15A(a). A monetary penalty of Rs.10,000 was imposed.
Full text
Page 2 of 10 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned was appointed as Adjudicating Officer vide order dated April 07, 2008 under section 15 I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A(a) of the SEBI Act.
Page 3 of 10 The second opportunity of hearing was granted to the Noticee on March 03, 2009 vide notice dated February 05, 2009. The same was sent through SPAD. The said hearing notice was received by the Noticee on February 10, 2009 as per acknowledgement received from him. However, the Noticee neither appeared for the hearing nor sought adjournment.
Page 4 of 10 b. Does the non-compliance, if any, attract monetary penalty under section 15A (a) of SEBI Act? c. 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-117/2009. 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.