sebi:VSS/AO-178/2008
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Facts / Headnote
Violation of Regulation 54(5) of DP Regulations established; monetary penalty of Rs. 50,000 imposed under section 19D of the Depositories Act, 1996.
Provisions invoked
- s. 4(3)
- s. 12
- s. 19H
- s. 19D
- s. 19I
Regulations
- Reg. 199
- Reg. 54(5)
- Reg. 54
Parties
- SIBAR
Holding
The Noticee violated Regulation 54(5) of the DP Regulations by failing to complete dematerialization of securities within the stipulated time period, and is liable for a monetary penalty of Rs. 50,000 under section 19D of the Depositories Act, 1996.
Full text
Page 2 of 9 2. The aforesaid delay is alleged to be in violation of regulation 54 (5) of SEBI (Depositories and Participants) Regulations 1996, (hereinafter referred as "DP Regulations") and liable for penalty under section 19D of the Depositories Act, 1996 (hereinafter referred to as the “Depositories Act”). Accordingly, SEBI initiated adjudication proceedings under section 4(3) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with section 19H of the Depositories Act against SIBAR vide order dated March 10, 2008.
Page 3 of 9 dematerialize the securities on time and steps taken by it to redress grievances of the investors. 6. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of hearing on August 01, 2008 by letter dated July 23,
Page 4 of 9 RTI/STA. Because of the pending dispute, the RTA/STA did not co- operate and issue the necessary NOC. Once the dispute was resolved and the demand of the RTI/STA was met, it issued the NOC but not in the specified format. Thereafter, the issue was taken up with the RTI/STA and a fresh NOC in the correct format was obtained. Subsequently, the change of RTI/STA has been effected.
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Source: SecMarx — sebi:VSS/AO-178/2008. 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.