sebi:VSS/AO-118/2009
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Facts / Headnote
Violation of Sections 11C(2) and 11C(3) 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 in response to Investigating Authority summonses and is liable under Section 15A(a); a 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 No.1005. The same was sent through SPAD, but returned undelivered on February 10, 2009 without any remark. 7. Meanwhile, the Noticee replied vide letter dated Nil received by me through fax on June 19, 2009. He has submitted, inter-alia, that he had no knowledge or information regarding the subject matter. He has stated that STEL belongs to Sunil Gaglani who is his customer for sewing clothes. At the request of Sunil Gaglani, he had given his photographs to him and he does not know anything regarding the Company. He has also submitted that he is a tailor and involved in sewing clothes. He had not opened any account for trading in shares till today.
Page 4 of 10 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-118/2009. 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.