Citibank Settles With SEBI For Over ₹40 Lakh Following Investigation Into Alleged Regulatory Violations

Citibank N.A. has settled with the Securities and Exchange Board of India (SEBI) agreeing to pay over ₹40 lakh in connection with an investigation into alleged regulatory breaches. This settlement comes after SEBI investigates Citibank's failure to comply with several regulations, including those governing foreign investments, guidelines for depositories and participants and procedures for managing financial transactions. The issue came to light when SEBI, during an inspection, found...

SEBI Imposes ₹4 Lakh Penalty On LKP Securities Ltd For Violations In Pre-Trade Authorisation Compliance

The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹4 lakh on LKP Securities Ltd for failing to comply with pre-trade authorisation requirements. SEBI's investigation of LKP Securities followed an inspection carried out in conjunction with the Bombay Stock Exchange (BSE), National Stock Exchange of India Ltd (NSE), and Multi Commodity Exchange of India Limited (MCX). The primary issue identified during the inspection was LKP Securities' failure to maintain...

SEBI Imposes ₹1 Lakh Fine On Catalyst Trusteeship For Failing In Its Duties As Debenture Trustee

The Securities and Exchange Board of India (SEBI) has imposed a fine on Catalyst Trusteeship Limited for violations concerning its role as a debenture trustee (DT) in managing an issue by Spandana Sphoorthy Financial Ltd (SSFL). SEBI's findings indicated that Catalyst Trusteeship failed to fulfill key responsibilities required by the SEBI (Debenture Trustees) Regulations, 1993. A debenture trustee is a vital intermediary in the financial market, tasked with safeguarding the...

SEBI Imposes ₹6 Lakh Penalty On Vistra ITCL For Violating Debenture Trustee Regulations

The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 6 lakh on Vistra (ITCL) India Ltd for several violations of the SEBI (Debenture Trustees) Regulations, 1993, and related guidelines. Key among the violations identified was the failure of Vistra to perform independent due diligence in the preparation of asset-cover certificates. SEBI's November 3, 2020, circular mandates that debenture trustees independently verify the adequacy of assets for debt security...

CARE Ratings Ltd Settles with SEBI for Rs 13.05 Lakh over Regulatory Violations

CARE Ratings Ltd has settled a case with the Securities and Exchange Board of India (SEBI) concerning alleged breaches of regulatory guidelines. The settlement involves the payment of Rs 13.05 lakh. The SEBI initiated these proceedings under Section 15HB of the SEBI Act, 1992 following alleged violations of specific provisions related to the monitoring and review of ratings by Credit Rating Agencies (CRAs). Clause 1(B) of SEBI Circular SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71, dated June...

SEBI Imposes ₹7 Lakh Penalty On Anand Rathi Share And Stock Broker Limited For Trading Terminal Compliance Failures

The Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 7 lakh on Anand Rathi Share and Stock Broker Limited for failing to properly inspect the trading terminals of its authorised persons. SEBI's inspection revealed that the trading terminals were not at the locations reported to the exchanges by the stockbroker. The terminal allocated to authorised person Rathi Sharad Shankarlal was found to be operated from the UK while terminals for Suyog Securities Pvt Ltd were...

Illegal Investment Advisory: SEBI Asks Fraud Advisor To Refund Rs. 27.67 Lakh To Investors

The Securities and Exchange Board of India (SEBI) has imposed a one-year ban on Siddharth Pandey of Snigdha Equity Advisory following violations of regulatory standards concerning investment advisory services. Along with the suspension, Pandey has been fined Rs. 6 lakh and ordered to refund Rs. 27.67 lakh collected from clients. Pandey was found to have offered investment advice and promised assured returns without holding the necessary SEBI registration. The market regulator's probe...

Spandana Sphoorty Financial Ltd. Settles With SEBI For Rs 38 Lakh Over Disclosure Violations

The Securities and Exchange Board of India (SEBI) has recently concluded an investigation into Spandana Sphoorty Financial Ltd. (SSFL), a non-banking financial company. The settlement follows allegations of violations related to disclosure and listing regulations under SEBI's oversight. The investigation focused on breaches of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). SEBI alleged violations of Regulation 51(1) and 51(2), which...

ICICI Securities Settles Regulatory Case With SEBI For ₹69.82 Lakh

ICICI Securities Limited has reached a settlement with the Securities and Exchange Board of India (SEBI) to resolve a case involving alleged regulatory violations. The settlement was finalized with ICICI Securities agreeing to pay ₹69.82 lakh. SEBI conducted an inspection of ICICI Securities' activities from September 22 to September 23, 2022. The inspection was part of SEBI's routine monitoring to ensure compliance with the Securities and Exchange Board of India (Issue of Capital and...

SEBI Imposes Rs 11 Lakh Fine On IIFL Securities For Compliance Failures

The Securities and Exchange Board of India (SEBI) has levied a fine of Rs 11 lakh on IIFL Securities Limited for breaches of various regulatory guidelines under the Securities Contracts (Regulation) Rules and associated SEBI circulars. SEBI found several compliance issues with IIFL Securities. The regulator noted that the broker engaged in unauthorized fund-based agreements which involved borrowing funds from clients, a practice not permitted under current regulations. SEBI identified...

'Mastermind Behind Fraudulent Scheme' : SEBI Imposes Rs 25 Crore Penalty On Anil Ambani & 5-Year Ban For RHFL Fund Diversion

The Securities and Exchange Board of India (SEBI) has banned industrialist Anil Ambani from the securities market for five year and imposed a hefty penalty of Rs 25 crores for the diversion of funds of Reliance Home Finance Ltd.The SEBI has also barred Reliance Home Finance Ltd and some of its connected entities and former officials form the capital markets for five years. Altogether, 27 entities have been levied penalties.The fine amounts have to be deposited within 45 days from the date...

Amendments To Voluntary Delisting In India: An Analysis

The Securities and Exchange Board of India (SEBI) approved some proposals to amend the country's current legal framework on 27 June 2024, which dealt with the delisting of equity shares from public markets (Proposed Amendments). It is anticipated that this will address concerns that have deterred attempts to delist companies from Indian capital markets. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations 2021 (Delisting Regulations), which set forth the...