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2016 (9) TMI 868 - SECURITIES APPELLATE TRIBUNAL MUMBAI

2016 (9) TMI 868 - SECURITIES APPELLATE TRIBUNAL MUMBAI - TMI - Failure to obtain SEBI Complaints Redress System (SCORES) authentication within the stipulated time - delay in redressal of the investor grievances - Held that:- As per SEBI circular dated June 03. 2011 it was obligatory on the part of the appellant to obtain SCORES authentication, however, the appellant failed to obtain SCORES authentication. Even after issuance of the reminder circular dated August 13, 2012, the appellant failed t .....

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ion set out in the circular dated April 17, 2013. In these circumstances, the decision of AO that the appellant failed to obtain SCORES authentication within the stipulated time cannot be faulted. - As regards the delay in redressal of the investor grievances, it is not in dispute that the show cause notice dated March 26, 2014 referred to two investor grievances and the said grievances have been redressed by the appellant belatedly on September 26, 2014. It is also not in dispute that on re .....

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on September 26, 2014. It is also not in dispute that on receiving the SCORES authentication on September 26/29, 2014 it was noticed by the appellant that there were six more investor grievances and the appellant has redressed those grievances on November 20, 2014. From the aforesaid facts, it is evident that there was delay in redressing the investor grievances. - Section 15C of the SEBI Act provides that if any listed company fails to comply with the directions issued by the Board within t .....

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14. Similarly, six investor grievances noticed by the appellant on obtaining SCORES authentication on September 26/29, 2014 were redressed by the appellant belatedly on November 20, 2014. Penalty calculated at the rate of Rs. 1 lakh per day for the period during which the failure continued, would in the facts of present case exceed Rs. 1 crore. However, after taking into consideration all mitigating factors the AO has imposed penalty of Rs. 4 lakh which cannot be said to be harsh or excessive. I .....

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493 of 2015 - Dated:- 24-8-2016 - J.P. Devadhar, Jog Singh and Dr. C.K.G. Nair, JJ. For The Appellant : Ms. Rinku Valanju, Advocate For The Respondent : Mr. Aditya Chitale, Advocate with Mr. Tomu Francis, Advocate Per: Justice J.P. Devadhar (Oral) 1. Appellant is aggrieved by the order passed by Adjudicating Officer ( AO for short) of Securities and Exchange Board of India ( SEBI for short) on September 30, 2014. By the said order penalty of Rs. 4 lakh is imposed on the appellant under Section 1 .....

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for the aforesaid violations, penalty of ₹ 4 lakh is imposed under Section 15C of the SEBI Act. 3. Ms. Rinku Valanju, learned counsel for the appellant submitted that although by circular dated June 03, 2011 and August 13, 2012 SEBI had called upon the listed companies to obtain SCORES authentication, SEBI by its circular dated April 17, 2013 had called upon the listed companies (including the appellant) to obtain the SCORES user ID and password within 30 days from April 17, 2013. In the p .....

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ellant on September 26, 2014. On receiving the SCORES ID on September 26/29, 2014 it was noticed that there were six more investor grievances which were also redressed by the appellant on November 20, 2014. Counsel for the appellant further submitted that the investor grievances were basically relating to non-receipt of dividend. Since the appellant-company had not declared any dividend during the relevant years, the question of the investor s not receiving the dividend did not arise at all. In .....

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ry on the part of the appellant to obtain SCORES authentication, however, the appellant failed to obtain SCORES authentication. Even after issuance of the reminder circular dated August 13, 2012, the appellant failed to obtain the SCORES authentication. It is only when by circular dated April 17, 2013 SEBI threatened with action if SCORES authentication was not obtained within 30 days, appellant by its letter dated May 16, 2013 applied for SCORES authentication which was submitted to SEBI on May .....

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that the show cause notice dated March 26, 2014 referred to two investor grievances and the said grievances have been redressed by the appellant belatedly on September 26, 2014. It is also not in dispute that on receiving the SCORES authentication on September 26/29, 2014 it was noticed by the appellant that there were six more investor grievances and the appellant has redressed those grievances on November 20, 2014. From the aforesaid facts, it is evident that there was delay in redressing the .....

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