sebi:SO//PSD/2024-25/8048
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Facts / Headnote
Settled
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 31
- Reg. 23
- Reg. 7(4)(b)
Holding
Any proceedings that may be initiated against the Applicant for the violation mentioned at paragraph 1 are settled upon payment of Rs 2,70,00,000, and SEBI shall not initiate any enforcement action against the Applicant for the said violation.
Full text
Page 2 of 3 next one month or subject the member to a penal exposure free deposit, equal to the cumulative funds/margin shortage over the previous one month which could be kept with the exchange for the next month. iii. Therefore, by blocking highest margin shortfall instead of cumulative margin shortfall from the deposits of the clearing member, the Applicant was alleged to have acted in violation of Circular dated September 01, 2016 read with Master Circulars dated August 04, 2023 and Regulation 7(4)(b) of the SECC Regulations.
Page 3 of 3 Exchange Board of India Act, 1992 and in terms of Regulation 23 of the Settlement Regulations, it is hereby ordered that any proceedings that may be initiated for the violation as mentioned at paragraph 1 above, are settled in respect of the Applicant on the following terms: i. SEBI shall not initiate any enforcement action against the Applicant for the said violation, and ii. passing of this Order is without prejudice to the right of SEBI under Regulation 28 and Regulation 31 of the Settlement Regulations to initiate appropriate action against the Applicant, if SEBI finds that: (a) any representation made by the Applicant in the present settlement proceedings is subsequently found to be untrue; (b) the Applicant has breached any of the clauses/ conditions of undertakings/ waivers filed during the present settlement proceedings; and (c) there was a discrepancy while arriving at the settlement terms.
3. The Applicant filed the present application for the purpose of settling the proceedings that may be initiated against it for the aforesaid violation.
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Source: SecMarx — sebi:SO//PSD/2024-25/8048. 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.