sebi:WTM/PS/88/CIS/MAR/2014
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Facts / Headnote
Show cause notice disposed of without any direction
Provisions invoked
- s. 11A
- s. 19
- s. 12
Regulations
- Reg. 3
Parties
- RR Investors Capital Services Private Limited
Holding
The show cause notice issued to RR Investors Capital Services Private Limited on June 14, 2007 was disposed of without any direction, as SEBI was unable to conclude that RR Investors had acted in contravention of section 12(1B) of the SEBI Act and regulation 3 of the CIS Regulations.
Full text
Page 2 of 3 Schemes) Regulations, 1999 (hereinafter referred to as 'CIS Regulations'). Subsequently, SEBI issued a show cause notice dated June 14, 2007 (hereinafter referred to as 'SCN') to RR Investors advising it to show cause as to why the appropriate directions under sections 11 and 11B of 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 the directors who were on the board of the company when the SCN was issued, confirming therein that RR Investors has neither collected any money from any investor/ public nor floated any scheme/ fund to solicit investment in relation to art. On perusal of the material available on record, I am unable to conclude that the activities of RR Investors were in the nature of CIS as defined under section 11AA of SEBI Act.
3. RR Investors vide its letter dated June 20, 2007 replied to the SCN. Before proceeding further, an opportunity of personal hearing was granted to RR Investors on August 19,
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Source: SecMarx — sebi:WTM/PS/88/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.