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2015 (6) TMI 73 - SECURITIES APPELLATE TRIBUNAL MUMBAI

2015 (6) TMI 73 - SECURITIES APPELLATE TRIBUNAL MUMBAI - TMI - Penalty under section 15C of the Securities and Exchange Board of India Act, 1992 - Failed to obtain SEBI Complaints Redress System (SCORES) Login ID and the password within time stipulated in the Circular dated 13.08.2012 - Held that:- It is only after SEBI notice dated 21.03.2014 the appellant chose to apply for and obtain SCORES registration on 05.04.2014. Fact that the appellant on receipt of notice took immediate steps to obtain .....

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ation within the time stipulated by SEBI and thereby the appellant has failed to resolve the investor grievances within the time stipulated by SEBI. Fact that there was only one investor grievance and the fact that appellant took steps to resolve the same immediately after receiving the show cause notice from SEBI does not wash out the inordinate delay in taking the first step under SCORES i.e. obtaining Login ID and password and thereafter resolve the investor grievances within the time stipula .....

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S Login ID and password is more than one and half year and therefore the penalty imposable would be ₹ 1 crore. However, after taking all mitigating factors into consideration the adjudicating officer has imposed nominal penalty of ₹ 1 lac on the appellant which cannot be said to be excessive or arbitrary or unreasonable. Thus, no case is made out to interfere with the order passed by the adjudicating officer, wherein imposing nominal penalty of ₹ 1 lac is imposed on the appella .....

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appellant on 26.11.2014, 01.12.2014 and 16.02.2015. Representative of the appellant submitted that he could not attend the last hearing in time as he was held up in traffic jam. He submits that by consent the appeal be restored and by consent the restored appeal be taken up for hearing forthwith. Accordingly, by consent the appeal is restored and taken up for hearing. 2. Appellant is aggrieved by the adjudication order dated 17.07.2014 whereby penalty of ₹ 1 lac is imposed on the appellan .....

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bmitted that the appellant has been a sick industrial undertaking and commercial operations of the appellant company had remained suspended until the financial year 2012-13 and therefore the appellant could not get the registration under SCORES within the time stipulated by SEBI. However, immediately on receiving notice from SEBI the appellant has applied for and obtained SCORES registration on 05.04.2014. Inspite of obtaining SCORES registration, the appellant could not access information and p .....

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03.06.2011 and 13.08.2012, SEBI called upon all the companies to obtain SCORES Login ID and password so that the investor grievances are redressed expeditiously. In the circular dated 13.08.2012 it was specifically stated that if SCORES registration is not obtained by 14.09.2012 enforcement action would be taken. Inspite of the said direction, the appellant failed and neglected to get the SCORES Login ID and password within time stipulated in the Circular dated 13.08.2012. 7. Thereafter SEBI is .....

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ord and also took steps to resolve the investor grievances immediately thereafter would not obliterate the inordinate delay on part of the appellant in applying for and obtaining SCORES Login ID and password. If the appellant had obtained the SCORES Login ID and password within time stipulated by SEBI then the appellant could attend to the investor grievance much earlier. Therefore, it is apparent that time and again the appellant has failed to obtain the SCORES registration within the time stip .....

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