DCB Plus, partner settle case with Sebi; pay Rs 2.23 cr as charges

DCB Plus N Holdings and its partner Prashant Jain have settled with markets regulator Sebi a case of alleged fraudulent trading in the shares of Sunrise Asian Ltd, by paying a total amount of Rs 2.23 crore towards settlement charges.

An amount of Rs 2.23 crore as the settlement amount, inclusive of the compounding charges and Rs 1.35 lakh as legal cost, has been paid by them, according to the settlement order.

DCB Plus N Holdings and Jain (applicants) had filed an application with the regulator proposing to settle the matter without admitting and denying the alleged violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.

In the settlement order passed on Thursday, Sebi said the pending enforcement proceedings for the alleged default are settled.

It was alleged that DCB had indulged in fraudulent and unfair trade practices in the scrip of Sunrise Asian Ltd.

In a separate settlement order passed on Thursday, ECP III FVCI Pte Ltd settled a case of alleged violation of takeover norms by paying Rs 12.16 lakh towards the settlement charges in the matter of Indostar Capital Finance Ltd.

It was alleged that ECP III FVCI Pte Ltd had made delayed disclosures with respect to the acquisition of shares in Indostar Capital Finance.

Separately, Sebi on Friday slapped a fine of Rs 5 lakh on Jahman Dealers Pvt Ltd for its failure to comply with three summons issued by the regulator.

The summons was issued to seek details about the utilisation of the loan/ investment proceeds along with documentary evidence in the matter of Dwitiya Trading Ltd.

According to another order passed on Friday, a fine of Rs 5 lakh has been imposed on Shell Business Pvt Ltd for violating norms.