| Order in the matter of Seashore Securities Ltd (SSL) |
To
All Trading Members of the Exchange
Sub: Final Order Under Sections 11, 11(4), 11A and 11B of the Securities and Exchange Board of India Act, 1992 In the matter of Seashore Securities Ltd (SSL).
Attention of the trading members is invited to the Exchange Notice No. 20150318-44 dated March 18, 2015 confirming the directions issued by SEBI vide its ex parte ad interim Order no. WTM/PS/23/ERO/BLO/JULY/2014 dated 23rd July,2014 (issued vide Exchange Notice No. 20140724-2 dated July 24, 2014) wherein SSL and its promoters/directors were restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities and being associated with the securities market in any manner whatsoever, directly or indirectly through any person/ entity till further direction.
The Hon’ble Securities Appellate Tribunal (SAT), vide its Order dated November 25, 2016, has quashed and set aside the confirmatory order dated March 18, 2015 and clarified that the ad- interim ex-parte order passed by the WTM of SEBI on July 23, 2014 shall continue to be in force against the entities viz., Seashore Securities Limited, Mr. Prashanta Kumar Dash, Mr. Pravat Kumar Dash, Ms. Jyotirani Sarangi, Ms. Shantiprava Dash, Mr. Manoj Kumar Nath, Ms. Prativa Dash, and Ms. Sapna Jena.
SEBI now, vide its Order no. WTM/MPB/EFD-1-DRA-IV/43/2018 dated September 24, 2018 has inter-alia issued the following directions:
1. Directed SSL, Mr. Pravat Kumar Dash, Ms. Jyotirani Sarangi, Mr. Sudhanshu Shekhar Pati, Mr. Prashanta Kumar Dash, Ms. Sapna Jena and Mr. Gopal Chandra Sahu not to, directly or indirectly, access the securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from the date of this Order, till the expiry of 4 (four) years from the date of completion of refunds to investors as directed in the Order.
2. Directed Mr. Surath Das, Ms. Shantiprava Dash, Mr. Manoj Kumar Nath and Ms. Prativa Dash (ABRPD7107P) not to, directly or indirectly, access the securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner for a period of 4 years from the date of this Order.
Further as stated in the aforesaid Order, this Order will take effect as final Order against SSL and its Directors and Promoters, on the expiry of 30 days from the date of service of this order against the respective Noticees, unless any of the said Noticees, within such period of 30 days from the date of service of this order file their objections. If no objections are filed, the interim directions vide Interim order dated July 23, 2014 shall continue against the Noticees till the time of said thirty days period, after which this order will come into effect. If objections are filed by any of the said Noticees, the interim directions vide Interim order dated July 23, 2014 shall continue qua that Noticee till disposal of the said objections qua that Noticee and the directions passed herein against that Noticee shall be made applicable subject to the determination on the objections.
This Order shall come into force w.e.f. September 24, 2018
A copy of the said Order is attached herewith and also available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Ena Janvalekar Shaila Valsan
Sr. Manager Manager
Surveillance Surveillance
Date: September 25, 2018
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