sebi:AO/BS/2/2009
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Facts / Headnote
Adjudication proceedings pending against the applicant disposed of through consent order; applicant to pay Rs. 5,00,000 towards settlement charges.
Holding
SEBI disposed of the pending adjudication proceedings against the applicant through a consent order pursuant to settlement agreed under SEBI Circular No. EFD/ED/Cir-1/2007, with the applicant paying Rs. 5,00,000 towards settlement charges without admitting or denying the charges.
Full text
2 3. While the above proceedings were in progress, the applicant vide letter dated September 26, 2007 proposed settlement of the said proceedings through a consent order in terms of SEBI Circular No. EFD/ED/Cir-1/2007 dated April 20, 2007. The applicant proposed revised consent terms vide letter dated January 09, 2009. The High Powered Advisory Committee constituted by SEBI considered the consent terms proposed by the applicant and recommended the case for settlement. Accordingly, the applicant shall pay Rs.5,00,000/- (Rupees Five Lakhs Only) towards settlement charges. SEBI accepted the said recommendations and communicated the same to the applicant vide letter dated February 24, 2009.
4. Accordingly, the applicant, without admitting or denying the charges, has remitted a sum of Rs. 5,00,000/- (Rupees Five lakhs Only) towards settlement
charges vide demand draft No.164419 dated March 05, 2009 drawn on HDFC Bank Ltd, Mumbai payable at Mumbai. 5. In view of the above, it is hereby ordered that this consent order disposes of the said adjudication proceedings pending against the applicant.
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Source: SecMarx — sebi:AO/BS/2/2009. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.