sebi:SO/AN/RG/2024-25/7682
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Facts / Headnote
Adjudication proceedings disposed of pursuant to settlement; settlement amount of ₹1,59,25,000/- received
Provisions invoked
- s. 15
- s. 19
- s. 15J
Regulations
- Reg. 10
- Reg. 12
- Reg. 25
- Reg. 28
- Reg. 14
- Reg. 23(1)
- Reg. 13(2)(c)
- Reg. 6(1)(d)
- Reg. 6(1)(b)
- Reg. 25(2)(b)
- Reg. 19(1)(f)
Parties
- Orbis Financial Corporation Limited
Holding
The Adjudication Proceedings initiated against Orbis Financial Corporation Limited vide Show Cause Notice No. SEBI/EAD-5/AN/RG/52031/1/2023 dated December 27, 2023 are disposed of in terms of Section 15JB of the SEBI Act, 1992 read with Regulation 23(1) of SEBI (Settlement Proceedings) Regulations, 2018, upon receipt of the settlement amount of ₹1,59,25,000/-.
Full text
Settlement Order in the matter of inspection of Custodian - Orbis Financial Corporation Limited Page 2 of 6 1.5. Regulation 6(1)(d) SEBI (Custodian) Regulations, 1996; Clause 4 of Code of Conduct defined under Third Schedule read with Regulation 12 of SEBI (Custodian) Regulations, 1996. 1.6. Regulation 25(2)(b) of SEBI(FPI) Regulations, 2019 read with Clause 9 of Part C to the Operational Guidelines issued for FPIs and DDPs. 1.7. Regulation 14 of SEBI (Custodian) Regulations, 1996 read with SEBI circular FITTC/CUST/11/2001 dated May 18, 2001. 1.8. Regulation 19(1)(f) and Regulation 12 read with Clause 6 of Third Schedule of SEBI (Custodian) Regulations, 1996. 1.9. SEBI circulars DNPD/Cir-22/04 dated Apr 01, 2004, and DNPD/Cir-25/04 dated June 10, 2004. 1.10. Regulation 6(1)(b) and (c) of SEBI (Custodian) Regulations, 1996; Clause 1 of Third Schedule under Regulation 12 of SEBI (Custodian) Regulations, 1996.
Settlement Order in the matter of inspection of Custodian - Orbis Financial Corporation Limited Page 3 of 6 3.2. Under Payment of Fees to SEBI for the FY 2021-22; incorrect quarterly reporting to SEBI during the FY 2020-2021 and FY 2021-2022. 3.3. Delay in processing of corporate actions. 3.4. Not reporting of short sale transactions in the monthly reports. 3.5. Not periodically updating the Operation Manual. 3.6. Failure to monitor the investments by FPIs in Debt Instruments; incorrect
Settlement Order in the matter of inspection of Custodian - Orbis Financial Corporation Limited Page 4 of 6 Five Thousand only) as the indicative amount computed in terms of Schedule II read with Regulation 10 of Settlement Regulations. The same was communicated by SEBI to the authorized representative of the applicant. The applicant was informed to submit Revised Settlement Terms (“RST”) within 15 working days from the date of the IC Meeting in terms of Regulation 13(2)(c) of SEBI (Settlement Proceedings) Regulations, 2018.
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Source: SecMarx — sebi:SO/AN/RG/2024-25/7682. 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.