sebi:SO/AS/AK/2023-24/7084
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Facts / Headnote
Adjudication proceedings disposed of in terms of accepted settlement terms upon payment of settlement charges
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 31
Parties
- J.P. Morgan Chase Bank N.A.
Holding
The adjudication proceedings initiated against J.P. Morgan Chase Bank N.A. vide SCN dated September 23, 2022 and SSCN dated December 29, 2022 are disposed of in terms of accepted settlement terms upon payment of Rs. 22,10,000 without admitting or denying findings of fact and conclusions of law.
Full text
Settlement Order in respect of J.P. Morgan Chase Bank N.A. Page 2 of 4 did not have a valid FPI registration. In view of the same, SEBI initiated adjudication proceedings against the Noticee for violating the provisions of the following Regulations:
Settlement Order in respect of J.P. Morgan Chase Bank N.A. Page 3 of 4 Internal Committee (hereinafter referred to as “IC”) on February 16, 2023, wherein the settlement terms were deliberated and the IC considered the proposed settlement terms and recommended the settlement of instant proceedings upon payment of Rs. 22,10,000 (Twenty Two Lakh Ten Thousand only). Thereafter, the concerned department inter alia communicated to JPMC the settlement terms along with the recommended amount of Rs.22,10,000 (Twenty Two Lakh Ten Thousand only) towards settlement of instant proceedings. Thereafter, JPMC vide Revised Settlement Terms (“RST”) dated February 24, 2023, proposed Settlement amount upon payment of Rs. 22,10,000 (Twenty Two Lakh Ten Thousand only) towards full and final settlement of alleged default contained in the SCN and SSCN.
Settlement Order in respect of J.P. Morgan Chase Bank N.A. Page 4 of 4 a. any representations made by JPMC in the Settlement Proceedings is subsequently found to be untrue; or b. JPMC breaches any of the clauses /conditions of undertakings/ waivers filed during the Settlement Proceedings.
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Source: SecMarx — sebi:SO/AS/AK/2023-24/7084. 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.