Credit Suisse pays more than Rs 25 lakh to settle a case with Sebi

Credit Suisse Ltd has settled with Sebi a case related to alleged incorrect monthly reporting of offshore derivative instruments by paying over Rs 25 lakh towards settlement charges.

The regulator had initiated proceedings against the firm for allegedly violating provisions of Foreign Portfolio Investors Regulations and the regulator's circular by incorrect monthly reporting of offshore derivative instruments in its monthly reports.

Pending the proceedings, Credit Suisse (Singapore) Ltd filed application under the settlement mechanism to settle the case without admitting or denying the charges.

In a meeting with the internal committee of Sebi, the firm proposed to pay Rs 25.35 lakh, as per the settlement order dated October 30.

The amount, after the approval of panel of whole-time members of Sebi, was remitted by the firm, Sebi said.

Accordingly, the pending adjudication proceedings initiated against Credit Suisse has been disposed of, it added.

However, enforcement action including commencing of proceedings can be initiated if any representation made by the firm in the settlement proceedings is subsequently discovered to be untrue.