Securities and Exchange Board of India (SEBI): Prasanta Mahapatra, Adjudicating Officer, was of the view that the adjudication proceedings against the Noticee were liable to be abated without going into the merits of the case qua him considering the death of the Noticee.

In the instant matter the show cause notice alleged that Section 15HA of the SEBI Act for the alleged violation of the provisions of regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a) of the PFUTP Regulations, 2003. Further, it was observed that the show cause notice was received by the Noticee’s grandson, who later provided a death certificate of the Noticee, informing the relevant authorities. The certificate was later verified as well. Therefore, it was contended that the proceedings were against the acts of omission and commission of a person who is no more to face the charges. A catena of judgments were referred to where, various Tribunals and the Supreme Court have clearly established the fact an appeal abates on death during the pendency of the appeal alongwith the penalty ‘personal in nature’.

The Adjudicating Officer was of the opinion that, I am of the view that the instant adjudication proceedings against the Noticee are liable to be abated without going into the merits of the case qua him and the SCN dated July 23, 2021 issued against him is disposed of accordingly”.

[Rajendra Kumar Jain, In re, Order/PM/SM/2021-22/13062, decided on 18-08-2021]

Agatha Shukla, Editorial Assistant has reported this brief.

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