sebi:WTM/PS/87/CIS/MAR/2014
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Facts / Headnote
Show cause notice disposed of without any direction or penalty
Provisions invoked
- s. 11A
- s. 11
- s. 19
- s. 12
Regulations
- Reg. 3
Parties
- Marwahs Fine Art Dealers
Holding
The Whole Time Member disposed of the show cause notice issued to Marwahs Fine Art Dealers without imposing any penalty or direction, finding no evidence that Marwah had mobilized funds under an 'art fund' scheme or acted in contravention of section 12(1B) of the SEBI Act and regulation 3 of the CIS Regulations.
Full text
Page 2 of 3 the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act') should not be issued against it for the alleged violations of the provisions of section 12 read with sections 11 and 11AA of the SEBI Act and the CIS Regulations.
Page 3 of 3 6. I also note that SEBI has not received any complaint against Marwah till date regarding any scheme of 'art fund'. Considering the above, I do not consider this a fit case to impose any
3. Marwah vide its undated letter (received by SEBI on July 12, 2007) replied to the SCN. Before proceeding further, an opportunity of personal hearing was granted to Marwah on August 19, 2013. On the date fixed Mr. Atul Marwah appeared for Marwah and made
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Source: SecMarx — sebi:WTM/PS/87/CIS/MAR/2014. 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.