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the Northern Regional Office (NRO) of SEBI and the same was duly
delivered to the Noticee. Vide letter dated February 26, 2015 the Noticee
submitted that since 2002 it has not transacted any business activity and
has no employee and while regretting the delay in filing reply to the SCN,
stated that the complaint pending against the Noticee would be cleared
shortly. Vide Notice dated March 10, 2015 the Noticee was given an
opportunity of personal hearing on March 26, 2015. Vide letter dated
March 20, 2015 the Noticee stated that it had no employees and no funds
and requested for transfer of the case to Delhi.
7. I note that despite duly receiving the SCN and subsequent Notices, the
Noticee has failed to submit any reply to the SCN. I am of the opinion that
sufficient opportunities have been granted to the Noticee in consonance
with the principles of natural justice and I am proceeding with the matter
taking into account the material available on record.
ISSUES FOR CONSIDERATION
8. After perusal of the material available on record, I have the following
issues for consideration, viz.,
A. Whether the Noticee has failed to resolve investor grievances?
B. Whether the Noticee is liable for monetary penalty under Section 15C
of the SEBI Act, 1992?
C. What quantum of monetary penalty should be imposed on the Noticee
taking into consideration the factors mentioned in Section 15J of the
SEBI Act, 1992?
FINDINGS
9. On perusal of the material available on record and giving regard to the
facts and circumstances of the case, I record my findings hereunder.
ISSUE 1: Whether the Noticee has failed to resolve investor
grievances?
10. As already observed, SEBI introduced an online electronic system for
resolution of investor grievances, i.e., SCORES in 2011. For the purposes
of accessing the complaints of the investors against them, as uploaded in
the SCORES, listed companies were required to login to SCORES system
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Jayanta Jash
Adjudicating Officer