TMI Blog2015 (6) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... plying 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appeal which was dismissed on account of the fact that none appeared on behalf of the 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 appellant under section 15C of the Securities and Exchange Board of India Act, 1992 ( SEBI Act for short). 3. Reason for imposing penalty of ₹ 1 lac is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ressed 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 issued two advertisements dated 06.10.2012 and 21.10.2012 in the newspapers in respect of companies which had not obtained SCORES Login ID and password and advised those companies to get the SCORES authentication expeditiously. However, no steps were taken in that behalf. 8. It is only after SEBI notice dated 21.03.2014 the appellant chose to apply for and obtain SCORES registration o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hever is less. In the present case, failure on part of the appellant to obtain SCORES 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 appellant. 10. Accordingly, by consent, the Misc. Application No. 124 of 2015 is allowed by restoring the appeal. However, the restored appeal after hearing the parties i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
