JPM Automobiles settles case with Sebi

JPM Automobiles has settled a case related to alleged violation of insider trading norms with markets regulator Sebi after paying Rs 2.47 lakh as settlement charges.
The company has paid the settlement charges under the Sebi regulations that allows settling pending proceedings without admission or denial of any wrongdoing in certain cases.
"Accordingly, the adjudication proceedings proposed to be initiated against the applicant (JPM Automobiles)for the alleged violation... Are settled," Sebi said in a settlement order, adding that it would not initiate any enforcement action for the alleged defaults.
It was alleged that JPM Automobiles failed to make disclosure under Sebi's Prohibition of Insider Trading (PIT) Regulation for the transactions dated April 17, 2015. Sebi had initiated a probe against the company in the case.

The firm had offered to settle the case on payment of 2.47 lakh towards settlement charges.
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 the company remitted the amount.
Accordingly, Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings initiated against the firm.
It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the firm is found to be untrue.