Beruflich Dokumente
Kultur Dokumente
Page 1 of 5
January 07 , 2015
b. In view of the above, it was alleged that despite being called upon to redress the
grievances the Noticee has failed to redress the investor grievances, within the time
specified by the Board resulting in violation of 15C of the SEBI Act.
Penalty for failure to furnish information, return, etc.
15A. If any person, who is required under this Act or any rules or regulations made
thereunder,
(a) to furnish any document, return or report to the Board, fails to furnish the same, he
shall be liable to a penalty of one lakh rupees for each day during which such failure
continues or one crore rupees, whichever is less;
Page 2 of 5
January 07 , 2015
4. The Noticee vide its letter dated February 01, 2014 submitted the following :-
a.
They have forgotten/ lost their SCORES login-id and password. However, applied for
the same on December 17, 2013. The Noticee enclosed the copy of the application
form as a proof of application.
b.
The Noticee have replied to complainants vide letter dated December 22, 2011 and
June 20, 2011 respectively.
c.
The Noticee had requested to provide assistance in obtaining fresh SCORES login id
and password.
5. In the interest of natural justice and in order to conduct an eqnuiry in terms of Rule 4(3) of
the Rules, the Noticee was granted an opportunity of personal hearing on February 21,
2014 at SEBI, Northern Regional Office, New Delhi vide notice dated February 10, 2014.
Shri Anil Khanna, Director of the Noticee attended the hearing and reiterated the
submissions made in the reply to SCN.
7. In respect to the allegation of non redressal of investor grievance, it is observed from the
records that as on January 05, 2015 there are 3 complaints pending. The Noticee has failed
to follow up on reset of SCORES login id / password and also failed to update the status of
complaints in SCORES database till date.
8. In view of the above and taking into account the available records, I am of the opinion that
the Noticee had failed to abide by the directives/ circulars issued by SEBI from time to
time and thereby failed to comply with the section 15 A (a) and 15 C of the SEBI Act.
Page 3 of 5
January 07 , 2015
9. For determining the quantum of penalty under Section 15 A (a) and Section 15 C of the
SEBI Act, the factors stipulated in section 15 J of the SEBI Act, have been taken into
consideration which are reproduced as under.
10.Taking into account the violation involved, status of subsequent compliance, the delay in
redressing grievances and relevant regulatory provisions for imposing penalties, I find
that a monetary penalty of Rs.1,00,000/- (Rupees One Lakh Only) under Section 15C of
SEBI Act would be commensurate.
Order
11. Therefore, in exercise of the powers conferred upon me under section 15-I of the
SEBI Act, 1992 read with Rule 5 of SEBI (Procedure for Holding Inquiry and imposing
penalties
Rs.1,00,000/- (Rupees One Lakh only) under the provisions of Section 15 A (a) of the
SEBI Act and Section 15C of the SEBI Act, on the Noticee. I am of the view that the said
penalty would commensurate with the aforesaid failure committed by the Noticee.
Page 4 of 5
January 07 , 2015
12. The Noticee shall pay the said amount of penalty by way of Demand Draft in favour of
"SEBI Penalties Remittable to Government of India", payable at Mumbai within 45 days
of receipt of this order. The said demand draft shall be forwarded to the Deputy
General Manager, Office of Investor Assistance and Education, Securities and Exchange
Board of India, Northern Regional
13. In terms of Rule 6 of the Adjudication Rules, copy of this order is being sent to the
Noticee and also to SEBI.
Adjudicating Officer
Page 5 of 5
January 07 , 2015