sebi:SO/ANG/EFD2/2022-23/7164
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Facts / Headnote
Settlement of proposed enforcement proceedings against the Applicant on payment of ₹10,00,000
Provisions invoked
- s. 19
- s. 15J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23
Holding
SEBI settled the potential enforcement proceedings against the Applicant for the violations alleged in paragraph 1 of the order, on the terms that SEBI shall not initiate any enforcement action against the Applicant for the said violations, subject to SEBI's reserved rights under Regulation 28 of the Settlement Regulations.
Full text
2 4. Pursuant to the receipt of the Application, the authorized representatives of the Applicant had a meeting with the Internal Committee of SEBI on June 16, 2023 wherein the issues detailed above were deliberated along with the terms of the settlement pursuant to which the Applicant proposed revised settlement terms vide letter dated June 19, 2023.
3 7. This Settlement Order is passed on this 27th day of September, 2023 and shall come into force with immediate effect.
5. The High Powered Advisory Committee (hereinafter referred to as “HPAC”) in its meeting held on July 14, 2023, considered the revised settlement terms proposed by the Applicant and recommended the case for settlement upon payment of ₹10,00,000 (Rupees Ten lakhs only). The recommendation of the HPAC was accepted by the Panel of Whole Time Members of SEBI on August 08, 2023. Subsequent to the aforesaid approval, a Notice of Demand for the said terms was issued to the Applicant. The Applicant informed about the remittance of the aforesaid settlement amount on August 29, 2023 and SEBI has confirmed credit of the same.
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Source: SecMarx — sebi:SO/ANG/EFD2/2022-23/7164. 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.