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2015 (7) TMI 220 - AT - Companies LawPenalty under Section 15A(a) and Section 15C of the SEBI Act, 1992 - Failed to follow up or reset SEBI Complaints Redress System (SCORES) Login ID and Password - Failed to update the status of complaints in SCOREs within time - whether arguments like no investor loss and violation being not repetitive in nature have any impact on penalty amount imposed by SEBI - Held that:- The show cause notice was issued on January 21, 2013 and as on the date of the passing of the impugned order on January 07, 2014 there were three investor grievances which had remained to be redressed. This Tribunal in a number of cases has taken the view that the fact that no investor has suffered and that the violation is not repetitive cannot be a ground to escape penalty for the violations committed. It is not in dispute that the penalty imposable against the appellant under Section 15A(a) and Section 15C is ₹ 1 crore. However, taking into consideration all mitigating factors, the Adjudicating Officer of SEBI has imposed penalty of ₹ 1 lac as against the penalty of ₹ 1 crore imposable under the SEBI Act, which cannot be said to be unreasonable or excessive. - Decided against the appellants.
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