9911796707
TMI Blog2016 (9) TMI 868X X X X Extracts X X X X X X X X Extracts X X X X ..... nt by its letter dated May 16, 2013 applied for SCORES authentication which was submitted to SEBI on May 17, 2013. Thus, inspite of the SEBI circular dated April 17, 2013, instead of obtaining SCORES authentication within 30 days, appellant applied for SCORES authentication on the last day of obtaining SCORES authentication 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014 were redressed by the appellant belatedly on September 26, 2014. 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. If the grievances of the investors were basically relating to non-receipt of dividend, then having responded to the two complainants on September 26, 2014, which were also relating t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 present case, appellant by a letter dated May 16, 2013 had applied for SCORES user ID, i.e. within 30 days from April 17, 2013. Hence the AO of SEBI was not justified in holding that the appellant had failed to comply with the directions of SEBI within the stipulated time. 4. As regards the delay in redressing the investor grievances, counsel for the appellant submitted that in the show cau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys, appellant by its letter dated May 16, 2013 applied for SCORES authentication which was submitted to SEBI on May 17, 2013. Thus, inspite of the SEBI circular dated April 17, 2013, instead of obtaining SCORES authentication within 30 days, appellant applied for SCORES authentication on the last day of obtaining SCORES authentication 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. 7. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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