Markets regulator Sebi has settled with three entities proceedings related to alleged disclosure lapses in the matter of Swan Energy after they paid a total of nearly Rs 15 lakh towards settlement.
According to a Sebi order, while Dave Securities and Sunflower Schools Solution -- formerly known as Sahajanand Agencies -- have paid Rs 2,70,894 each to settle the proceedings, Dave Impex has paid Rs 9,45,204.
The regulator had initiated adjudication proceedings against the three entities for allegedly failing to make required disclosures under SAST (Substantial Acquisition of Shares and Takeovers) Regulations and PIT (Prohibition of Insider Trading) Regulations to Swan Energy -- formerly known as Swan Mills -- and the stock exchanges.
The settlement terms proposed by the entities were considered by the Internal Committee of Sebi and placed before the High Powered Advisory Committee (HPAC), which recommended that the alleged violations may be settled on payment of Rs 2,70,894 each by Dave Securities and Sunflower Schools Solution and Rs 9,45,204 by Dave Impex.
The recommendation of HPAC was also approved by a panel of whole-time members of Sebi, the Securities and Exchange Board of India (Sebi) said.
Last month, the three entities paid their respective settlement amounts and accordingly, Sebi disposed of the proceedings.
The regulator also noted that if any representation made by three entities in the settlement proceedings is subsequently found to be untrue, enforcement actions can be initiated against them.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)