Utkarsh Small Finance Bank Pays Rs1.24 Crore To Settle Case with SEBI
The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank on the payment of Rs1.24 crore by the lender.
 
SEBI had issued a show-cause notice (SCN) dated March 2023, to Utkarsh Small Finance Bank whereby the markets regulator had alleged violations of certain provisions of the Listing Obligations and Disclosure Requirements (LODR) Regulations.
 
Subsequently, the Bank filed a settlement application in this regard. The Bank’s settlement application and the SCN were disposed by SEBI pursuant to the present settlement order.
 
“Therefore, in view of the acceptance of the settlement terms and the receipt of the settlement amount as above by SEBI, the instant adjudication proceedings initiated against the applicants vide SCN dated March 16, 2023, is disposed of in terms of Section 15JB of the SEBI Act read with Regulation 23(1) of the settlement regulations based on the settlement terms," the SEBI order said.
 
SEBI also said that pending the adjudication proceedings, the applicant proposed to settle the instant proceedings initiated against it, without admitting or denying the findings of facts and conclusions of law, through a settlement order and filed a settlement application with SEBI.
 
After attending a meeting with the internal committee of SEBI on 16 January 2024, in terms of the settlement regulations, the applicant vide letter dated 27 January 2024, proposed the revised settlement terms.
 
The high powered advisory committee ('HPAC) considered the settlement terms proposed and recommended that the case may be settled on payment of Rs1.24 crore by the applicant as settlement amount towards the settlement terms.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
Larger public purpose would stand defeated if violators are allowed to go scot-free just because of delay in initiating action: SEBI
IANS 11 April 2024
Markets regulator SEBI has said in an order that the larger public purpose of investor protection would stand defeated if the violators are allowed to go scot-free just because of delay in initiating action against them.
 
The SEBI...
RBI Slaps Rs17 Lakh Penalty on 5 Cooperative Banks for Non-compliance
Moneylife Digital Team 10 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs17 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh each has been imposed on Dehradun-based...
SEBI Impounds Rs12.03 Crore Illegal Gains Earned by Ravindra Bharti Education Institute by Offering 1000% Guaranteed Returns
Moneylife Digital Team 08 April 2024
Market regulator Securities and Exchange Board of India (SEBI) has ordered Ravindra Bharti Education Institute Pvt Ltd, an unregistered investment advisory business set up by financial influencer Ravindra Balu Bharti, to disgorge...
RBI Slaps Rs1.49 Crore Penalty IDFC First Bank and LIC Housing Finance for Non-compliance
Moneylife Digital Team 08 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.49 crore on IDFC First Bank Ltd and LIC Housing Finance Ltd (LICHF) for violating various rules and regulations prescribed by the regulator. The highest penalty of Rs1 crore...
Array
Free Helpline
Legal Credit
Feedback