sebi:WTM/GM/EFD/56/2017-18
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Facts / Headnote
Restrained and prohibited Kinjal Finance Limited from accessing the securities market and from buying, selling or dealing in securities, directly or indirectly, in whatsoever manner, till the company resolves all pending investor grievances.
Provisions invoked
- s. 11B
- s. 11
- s. 19
Parties
- Kinjal Finance Limited
Holding
SEBI restrained Kinjal Finance Limited from accessing the securities market and from buying, selling or dealing in securities directly or indirectly until all pending investor grievances are resolved, for failure to obtain SCORES authentication and redress investor grievances.
Full text
2 4. Since the noticee did not obtain SCORES authentication and failed to redress pending investor grievances, SEBI issued Show Cause Notice (SCN) dated December 30, 2016 to the company calling upon them to show cause as to why suitable directions including direction to restrain them from accessing the securities market for a specified period should not be passed under section 11B of the SEBI Act, 1992. The SCN issued to the company was sent on its last address available with ASE i.e. Kinjal Nagar, 1434, PO Rajpur Kalol-Mehsana Highway Mehsana, through Speed Post Acknowledgement Due. However, the SCN returned undelivered.
3 9. This Order shall come into force with immediate effect. A copy of this Order shall also be served upon the depositories and stock exchanges for necessary action.
5. Opportunity of personal hearing was granted to the company on March 15, 2017. Notices to the effect of issuance of granting of opportunity of personal hearing on March 15, 2017 were published in Times of India (English), Maharashtra Times (Marathi) and Gujarat Samachar (Gujarati) newspapers on February 27, 2017. However, the noticee chose not to appear for the personal hearing on the scheduled date.
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Source: SecMarx — sebi:WTM/GM/EFD/56/2017-18. 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.