sebi:WTM/KMA/IVD/201/01/2010

SEBI · SEBI · 2003-05-13 · Dr. K. M. Abraham, Whole Time Member

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Disposed of without any penalty

Provisions invoked

Regulations relied on

Parties

Holding

The proceeding initiated against Adhunik Finance Private Limited in the matter of Sun Infoways Limited was disposed of without any penalty.

Full text

SECURITIES AND EXCHANGE BOARD OF INDIA ORDER UNDER REGULATION 28(2) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (INTERMEDIARIES) REGULATIONS, 2008 IN RESPECT OF ADHUNIK FINANCE PRIVATE LIMITED IN THE MATTER OF SUN INFOWAYS LIMITED

1. The Securities and Exchange Board of India (hereinafter referred to as SEBI) had initiated an enquiry proceeding, vide Orders dated May 13, 2003 and September 30, 2004 against Adhunik Finance Private Limited (hereinafter referred to as Adhunik) under the provisions of the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (since repealed), inter alia for the alleged violations of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995, in the matter of Sun Infoways Limited. The Enquiry Officer, vide Report dated June 6, 2007 observed that Adhunik was not a registered entity at the time of the commission of the alleged offence and accordingly, recommended to terminate the present proceedings. After having considered the Enquiry Report and other material on record, I am in agreement with the recommendation of the Enquiry Officer. Therefore, the present proceeding initiated against Adhunik in the matter of Sun Infoways Limited is disposed of as ordered hereinunder.

2. In view of the foregoing, in exercise of powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Regulation 28(2) of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, hereby dispose of the proceeding initiated against Adhunik Finance Private Limited, without any penalty.

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Source: SecMarx — sebi:WTM/KMA/IVD/201/01/2010. 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.