sebi:SO/EFD-2/SD/279/MAR/2019
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Facts / Headnote
Proceedings settled and disposed of qua the applicant
Provisions invoked
- s. 15J
Regulations
- Reg. 25
- Reg. 34
- Reg. 23
Parties
- Citibank N.A.
Holding
The proceedings under Sections 11(1), 11B and 11(4) of the SEBI Act, 1992 against Citibank N.A. were settled and disposed of upon payment of Rs 4,50,72,263 as settlement charges, with SEBI to take no further enforcement action for the said default.
Full text
Settlement order with respect to Citibank N.A. Page 2 of 2 considered the settlement terms proposed and recommended the application for settlement upon payment of `4,50,72,263/- (Rupees Four Crore Fifty Lakh Seventy Two Thousand Two Hundred and Sixty Three Only) as settlement terms. The Panel of Whole Time Members of SEBI accepted the said recommendation of the HPAC on March 11, 2019 and the same was communicated to the applicant vide e-mail dated March 18, 2019.
6. The applicant vide Demand Draft No. 688816 dated March 19, 2019 drawn on Citibank has remitted an amount of `4,50,72,263/- (Rupees Four Crore Fifty Lakh Seventy Two Thousand Two Hundred and Sixty Three Only) towards settlement charges.
7. In view of the above, in exercise of the powers conferred under Section 15JB of the Securities and Exchange Board of India Act, 1992 and in terms of Regulations 23 and 28 read with Regulation 34 of the Settlement Regulations, it is hereby ordered that: i. the proceedings under Sections 11(1), 11B and 11(4) of the SEBI Act, 1992 for the alleged default as discussed in paragraph 1 above, are settled qua the applicant as per the above terms, ii. SEBI shall not initiate any enforcement action against the applicant for the said default, iii. this order disposes of the said the proceedings under Sections 11(1), 11B and 11(4) of the SEBI Act, 1992 in respect of the applicant as mentioned above and; iv. passing of this order is without prejudice to the right of SEBI to take enforcement actions including commencing proceedings against the applicant, if SEBI finds that: a. any representation made by the applicant in the present settlement proceedings is subsequently discovered to be untrue; b. the applicant has breached any of the clauses/ conditions of undertakings/ waivers filed during the present settlement proceedings.
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Source: SecMarx — sebi:SO/EFD-2/SD/279/MAR/2019. 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.