sebi:VSS/AO-122/2009
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Facts / Headnote
Penalty imposed on Noticee for failure to comply with summonses under sections 11C(2) and 11C(3) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
Regulations
- Reg. 11C(2)
Holding
The Noticee was held to have violated sections 11C(2) and 11C(3) of the SEBI Act by failing to comply with summonses issued by the Investigating Authority, and a monetary penalty of Rs. 2,00,000 was imposed under section 15A(a) of the SEBI Act.
Full text
Page 2 of 9 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 9 Ahmedabad – 380008”. The second opportunity of hearing was granted to the Noticee on March 02, 2009 vide notice dated February 05, 2009 (which was also addressed to “A-1, Kalindi Apartments, Maninagar, Ahmedabad – 380008”) through SPAD, but returned undelivered on February 11, 2009 with remark “Incomplete address , Not known”’.
Page 4 of 9 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-122/2009. 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.