Oregon Commercial matter: Sebi settles proceedings with 4 entities

Markets regulator Sebi has settled adjudication proceedings related to alleged disclosure lapses in the matter of Oregon Commercial with four entities after they paid Rs 13.64 lakh towards settlement.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against Jaysingh Kishorilal Jain (HUF), Jaysingh Kishorilal Jain, Manju Jaysingh Jain and Rahul Jaysingh Jain for allegedly violating disclosure norms under the SAST (Substantial Acquisition of Shares and Takeover) regulations.

According to a Sebi order, while the proceedings were in progress, the entities had submitted an application for their settlement.

The settlement terms were placed before Sebi's High Powered Advisory Committee (HPAC), which recommended the settlement of the proceedings on payment of Rs 13.64 lakh by the entities. The recommendation of HPAC was also approved by the panel of whole time members of Sebi.

The entities paid the settlement amount on May 15, following which the regulator disposed of the proceedings against them.

In its order, Sebi also said if any representation made by the entities in the settlement proceedings is subsequently found to be untrue, the regulator could take enforcement actions including restoring the proceedings against the entities.