Four officials of private sector lender ING Vysya Bank today settled cases related to alleged non-compliance of shareholding disclosure norms with markets regulator Sebi after paying Rs 41 lakh as settlement fee.
These officials are Chandana Ambuj, P Anantha Raman, Srividya Shankar and Krishna Vishnupanth Kustagi. It could not be immediately ascertained whether all of them are still with the bank.
The Securities and Exchange Board of India (Sebi) conducted a probe in respect of buying, selling and dealing in the shares of ING during August 2011 to May 2013.
It was alleged that these officials had offloaded shares of the private sector lender, which were valued more than Rs 5 lakh between March 2012 and May 2013. However, they did not make any disclosure to the company and stock exchanges about the transaction within two working days.
Accordingly, they had violated Sebi's PIT (Prohibition of Insider Trading) Regulation.
While proceedings against these individuals were in progress, Ambuj, Raman, Shankar and Kustagi offered to settle the matter on payment of Rs 16.89 lakh, Rs 15.36 lakh, Rs 6.25 lakh and Rs 2.29 lakh respectively without admitting or denying any violation.
Besides, they also filed disclosures in relation to the alleged violations.
Thereafter, Sebi's High Powered Advisory Committee after deliberations, recommended these cases for settlement on the payment of the amount.
This was also approved by Sebi's panel having whole time members, following which these individuals remitted the amount.
Consequently, Sebi, in four similar-worded orders, directed that this "settlement order disposes of the adjudication proceedings initiated against the noticee."
However, the regulator said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by these individuals is found to be untrue.
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