2016 (9) TMI 868

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....curities and Exchange Board of India Act, 1992 ("SEBI Act" for short). 2. In the impugned order it is held that the appellant had failed to obtain SEBI Complaints Redress System (SCORES) authentication within the stipulated time inspite of the circular issued by SEBI on June 03. 2011, August 13, 2012 and April 17, 2013. It is further held in the impugned order that the appellant had failed to respond to the complaints filed by the investors within the reasonable time and, accordingly for the aforesaid violations, penalty of Rs. 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 list....

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.... the extent as this Tribunal deems fit and proper. 5. We see no merit in the above contentions. 6. As rightly contended by Mr. Aditya Chitale, learned counsel appearing on behalf of SEBI, 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 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 17,....