2008 (7) TMI 1066

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.... 2008 passed by the adjudicating officer levying a penalty of Rs. 5 lacs on the appellant under Section 15A(a) of the Securities and Exchange Board of India Act, 1992 (for short the Act) on account of its failure to provide the necessary information during the course of the investigations. 2. The Securities and Exchange Board of India (hereinafter called the Board) ordered investigations into t....

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....nformation by 17.11.2005. Again, there was no response from the side of the appellant. Yet another summons was issued on 18th January, 2006 and despite all these summons, the appellant failed to furnish the requisite information. The Board initiated adjudication proceedings under Chapter VIA of the Act. The adjudicating officer issued a show cause notice on 19th September, 2006 which was received ....

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....s' code, details of off market transactions, a copy of the demat account statement etc. which the appellant deliberately failed to furnish. Such a failure on the part of a market player has to be viewed seriously as it hampers the regulator from carrying on its statutory duty of investigating into the market irregularities. We have perused the impugned order and are satisfied that the appellan....