BF Utilities, Shree Vatsaa Finance and Leasing and 3D PLM Software Solutions today settled three separate cases with markets regulator Sebi after paying a total fine of Rs 21.05 lakh towards settlement.
The Securities and Exchange Board of India (Sebi) had initiated separate adjudication proceedings against BF Utilities Ltd and Shree Vatsaa Finance and Leasing Ltd for allegedly violating the Listing Agreement and Securities Contracts (Regulation) Act.
The entities had submitted applications to settle the proceedings, following which the settlement terms proposed by them were placed before the regulator's High Powered Advisory Committee, as per three separate Sebi orders.
The committee recommended the settlement of the proceedings on payment of Rs 12.25 lakh by BF Utilities, Rs 6.80 lakh by Shree Vatsaa Finance and Leasing and Rs 2 lakh by 3D PLM Software Solutions. The recommendations were also approved by the panel of whole time members of Sebi.
Last week, the entities paid the settlement amount following which Sebi disposed of the adjudication proceedings initiated against them.
However, in its orders, Sebi said if any representation made by the entities in the settlement proceedings is subsequently found to be untrue, enforcement actions would be initiated against them.
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