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2013 (12) TMI 761 - SECURITIES APPELLATE TRIBUNAL, MUMBAIPenalty u/s 15A(a) of SEBI Act,1992 - Violation of sections 11C(2) and 11C(3) of the SEBI Act – Failure to furnish records while investigation – Held that:- After affording an opportunity of personal hearing and perusal of the material on record and giving regard to the facts and circumstances of the case, the Adjudicating came to the conclusion that the appellant violated the provisions of sections 11C(2) and 11C(3) of the SEBI Act, 1992 - The manner in which the replies have been submitted before the Investigating Officer is not appreciable by the Tribunal - Instead of passing the burden on others, the appellant should have fully co-operated with the Investigating Officer appointed by the SEBI – Penalty is reduced to Rupees Two Lakhs – Decided Partly in favour of Appellant.
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