Intensive Fiscal Services Monday settled a probe by markets regulator Sebi into alleged violation of merchant bankers norm on payment of over Rs 44 lakh towards settlement charges.
Sebi agreed to settle proposed adjudication proceedings in the case after it was approached by Intensive Fiscal with a plea under the settlement regulations.
Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.
"In view of acceptance of the settlement terms as proposed by the applicant (Intensive Fiscal) and upon receipt of settlement amount by Sebi, the pending adjudication proceedings initiated against the applicant ... are hereby disposed of in terms of...the settlement regulations," Sebi said.
The regulator had initiated adjudicating proceedings in May 2017 against Intensive Fiscal in the matter of Inventure Growth & Securities. It was alleged that Intensive Fiscal had violated the code of conduct stipulated for merchant bankers.
While the adjudication proceedings were in progress, Intensive Fiscal submitted an application for settlement of the adjudication proceedings.
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Thereafter, Sebi's High Powered Advisory Committee recommended the case for settlement on the payment of the Rs 44.05 lakh. This was also approved by Sebi's panel of whole-time members, following which it remitted the amount.
Accordingly, Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings initiated against Intensive Fiscal. It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by it is found to be untrue.
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