Onelife Capital Advisors today settled a case with market regulator Sebi with respect to alleged violations of stock brokers and sub brokers' norms, with the firm paying Rs 16.80 lakh as settlement fee.
The company had filed an application seeking to settle, without admitting or denying the findings of fact and conclusions of law, the pending enquiry proceeding initiated against it.
The enquiry proceedings were initiated in their capacity of Stock Broker/Trading Member of the BSE and Merchant Banker. Showcause notices were issued in July 2014 and June 2016 with regard to the alleged violations.
While the proceedings were underway, the firm wanted to settle the case by paying Rs 16.80 lakh as settlement fee.
Sebi's High Powered Advisory Committee (HPAC) recommended that the matter may be settled on the payment of the amount offered. This was also approved by the panel of whole-time members of Sebi, following which the entity remitted the amount in November.
According to the order, enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the firm is found to be untrue.
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