SEBI slaps final hearing notices to 'missing' entities

MUMBAI/NEW DELHI: The markets regulator Securities & Exchange Board of India (SEBI) has served final notices to nine 'missing' entities pertaining to various proceedings the watchdog is conducting against them.

The SEBI has proceeded against these entities -- all are based in north India -- under various provisions of the SEBI Act, 1992, and has given them a 'final opportunity of personal hearing' this day (January 20) in the interest of natural justice.

However, the regulator said that the notices for the online hearing -- in the matter of Fairwealth Securities Ltd. and Fairwealth Commodity Broking Pvt. Ltd -- could not be delivered at the known addresses of the concerned entities via SPAD, hand delivery and affixture.

Three of the noticees are: Fairwealth Securities Ltd. and Katashraj Securities Pvt. Ltd. (both Gurrgram) and Sandeep Jindal of Gurugram.

The other six are from different areas of Delhi: Naveen Gaba of Mayur Vihar; Aagas Software Solutions Pvt. Ltd., Reets Plastics Pvt. Ltd., Chahek Housing Pvt. Ltd., Fairwealth Financial Services Ltd. and Fairwealth Commodity Broking Pvt. Ltd. (all at Bhikaji Cama Place).

The notices were issued to all of them on December 21, 2022, for the hearing scheduled a month later, that is this day, according to the SEBI General Manager Narendra Rawat.

The SEBI has also warned that if they fail to appear for the hearing, "it shall be presumed that they have nothing further to state in the matter, and the matter shall be proceeded with on the basis of material available on record."