Arcadia Shares and Stock Brokers has settled a case related to alleged violation of stock broking norms by paying Rs 24.70 lakh to Sebi.
The regulator had initiated proceedings against the brokerage firm for allegedly violating Sebi (Stock Brokers and Sub-brokers) Regulations, in the matter of LGS Global, Spectacle Infotek, Well Pack Papers & Containers and Goldstone Technologies.
According to a Sebi order dated October 16, Arcadia Shares and Stock Brokers had filed an application to settle the pending proceedings.
The settlement terms proposed by the stock broker were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 24.70 lakh. This was accepted by the panel of whole time members of the regulator.
In August, the stock broker paid the settlement amount of Rs 24.70 lakh and then the Securities and Exchange Board of India (Sebi) settled the proceedings.
The regulator said if any representation made by Arcadia Shares and Stock Brokers in the present settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencement of proceedings can be initiated against them.
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