HDFC's senior executive settles case with Sebi

A senior executive of mortgage lender HDFC Ltd today settled a case related to alleged violation of insider trading norms with markets regulator Sebi after payment of over Rs 2.67 lakh as a settlement fee.
Mathew Joseph, a member of executive management at HDFC, allegedly violated Sebi (Prohibition of Insider Trading) Regulations, with respect to the dealings in the scrip of the mortgage lender.
While proceedings against Mathew was in progress, he had offered to settle the matter on payment of Rs 2,67,750 as settlement fee.
Thereafter, Sebi's High Powered Advisory Committee recommended the case for settlement on the payment of the amount. This was also approved by Sebi's panel of whole-time members, following which he remitted the amount.

In a settlement order passed today, Securities and Exchange Board of India (Sebi) has decided to dispose of the adjudication proceedings initiated against the applicant.
Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by him is found to be untrue.