| Final Order in the matter of ARSS Infrastructure Projects Limited |
To
All Trading Members of the Exchange
Sub: FINAL ORDER Under Sections 11(1), 11(4), 11(4A),11A, 11B (1), 11B(2) and 15I of the Securities and Exchange Board of India Act, 1992 read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 and Sections 12A(1), 12A(2) and 23I of Securities Contracts (Regulations) Act, 1956 read with Rule 5 of the Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005. In the matter of ARSS Infrastructure Projects Limited
SEBI vide its order no. WTM/AB/IVD/ID19/14342/2021-22 dated November 25, 2021 has inter-alia issued following directions:
- The Noticee no. 1 (ARSS Infrastructure Projects Limited), Noticee no. 2 (Mr. Subash Agarwal), Noticee no. 3 (Mr. Rajesh Agarwal) and Noticee no. 8 (Mr. Soumendra Keshari Pattanaik) are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one (1) year, from the date of coming into force of this order.
- The Noticee no. 4 (Mr. Swarup Chandra Parija), Noticee no. 5 (Ms. Rima Dhawan) and Noticee no. 6 (Mr. Krishna Chandra Raut), are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of six (6) months, from the date of coming into force of this order.
- The proceedings against Noticee no. 7 is disposed of for reasons stated in para 33 above.
· The obligation of the Noticees, restrained/prohibited by this Order, in respect of settlement of securities, if any, purchased or sold in the cash segment of the recognized stock exchange(s), as existing on the date of this Order, are allowed to be discharged irrespective of the restraint/prohibition imposed by this Order. Further, all open positions, if any, of the Noticees, restrained/prohibited in the present Order, in the F&O segment of the recognized stock exchange(s), are permitted to be squared off, irrespective of the restraint/prohibition imposed by this Order.
This Order is effective from the date of the order.
A copy of the said Order is attached herewith and available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Jeevan Noronha Rohan Shetty
Asst.General Manager Assistant Manager
Regulatory Correspondence Surveillance
Date: November 25, 2021
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