 "Markets may correct in the short term. But in a bull market the correction is always sharp, swift and short-lived: Rakesh Jhunjunwala")
Ace investor Rakesh Jhunjhunwala has settled a case with markets regulator Sebi after paying Rs 2.48 lakh towards settlement charges.
The regulator had initiated adjudication proceedings against Jhunjhunwala in 2017 for alleged violation of PIT (Prohibition of Insider Trading norms) in the matter of Geometric Ltd, now part of HCL Technologies.
Under settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.
The "settlement order disposes of the adjudication proceedings initiated against the applicant viz Rakesh Jhunjhunwala," Securities and Exchange Board of India (Sebi) said in an order dated Friday.
It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by Jhunjhunwala is found to be untrue.
Foreign investor Geosphere (Mauritius) Fund also settled a case with Sebi by paying over Rs 24 lakh as settlement charges, according to a separate order.
The regulator had initiated adjudication proceedings against Geosphere for alleged violation of FII (Foreign Institutional Investors) and FPI (Foreign Portfolio Investors) regulations in 2016.
While the adjudication proceedings were initiated, Geosphere submitted an application for settlement of the adjudication proceedings.
Thereafter, Sebi's High Powered Advisory Committee recommended the case for settlement on the payment of consolidated amount of Rs 23.98 lakh, which was subsequently approved by the regulator's panel of whole-time members, following which it remitted the amount and accordingly proceedings were disposed of by Sebi.
