sebi:VSS/AO-67/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Ex-parte penalty of Rs.10,00,000 imposed under Section 15A(a) for violation of Sections 11C(2),(3),(5) and Regulation 8(1) PFUTP; charges under Regulations 3, 4(1), 4(2)(a),(b),(e),(g) held not established
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
Regulations
- Reg. 7
- Reg. 3
- Reg. 6
- Reg. 8
- Reg. 8(1)
Parties
- B. N. Das
Holding
The Noticee violated Sections 11C(2), (3) and (5) of SEBI Act and Regulation 8(1) of PFUTP by failing to comply with four summonses and is liable to Rs.10,00,000 penalty under Section 15A(a); violation of Regulations 3, 4(1), 4(2)(a),(b),(e) and (g) of PFUTP does not stand established.
Full text
Page 2 of 10 2. It was alleged that one of the entities, B. N. Das (hereinafter referred to as “Noticee”) violated the provisions of regulations 3, 4 (1), 4 (2) (a), (b), (e), (g) and 8 (1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and 11C (2), (3) and (5) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 10 Eastern Regional Office which was affixed on the last known address. 6. The Noticee did not reply to the SCN. 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 16, 2009 at SEBI, Eastern Regional Office, Kolkata vide notice dated February 17, 2009. The said hearing notice was also affixed at the last known address of the Noticee. Vide letter dated March 25, 2009, a second and final opportunity was given to the Noticee to appear before me on April 24, 2009. However, neither did the Noticee appear nor extension was sought by the Noticee.
Page 4 of 10 c) Does the violation, if any, on the part of the Noticee attract monetary penalty under sections 15A (a) and 15 HA of SEBI Act? d) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:VSS/AO-67/2009. 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.