Sanjeev Sharma (IANS) | 11 Apr, 2024
The Securities and Exchange Board of India (SEBI) has issued a
settlement order to Utkarsh Small Finance Bank upon the payment of Rs
1.24 crore by the lender.
SEBI had issued a show-cause notice
dated March 16, 2023, to Utkarsh Small Finance Bank whereby the markets
regulator had alleged violations of certain provisions of the Listing
Obligations and Disclosure Requirements (LODR) Regulations.
Subsequently,
the bank filed a settlement application in this regard. The bank’s
settlement application and the SCN were disposed of by SEBI pursuant to
the present settlement order.
“Therefore, in view of the
acceptance of the settlement terms and the receipt of the settlement
amount as above by SEBI, the instant adjudication proceedings initiated
against the applicants vide SCN dated March 16, 2023, is disposed of in
terms of Section 15JB of the SEBI Act read with Regulation 23(1) of the
settlement regulations based on the settlement terms," the SEBI order
said.
SEBI also said that pending the adjudication proceedings,
the applicant proposed to settle the instant proceedings initiated
against it, without admitting or denying the findings of facts and
conclusions of law, through a settlement order and filed a settlement
application with SEBI.
After attending a meeting with the internal
committee of SEBI on January 16, 2024, in terms of the settlement
regulations, the applicant vide letter dated January 27, 2024, proposed
the revised settlement terms.
The High Powered Advisory Committee
('HPAC) considered the settlement terms proposed and recommended that
the case may be settled upon the payment of Rs 1.24 crore by the
applicant as settlement amount towards the settlement terms.
(Sanjeev Sharma can be reached at sanjeev.s@ians.in)