Sebi settles fraudulent trading matter with individual

Markets regulator Sebi has settled with an individual proceedings related to alleged fraudulent trading in the matter of Le Waterina Resorts and Hotels after he paid Rs 50 lakh towards settlement charges.

The individual, Kamal Kothari, had filed an application proposing to settle the adjudication proceedings, which were initiated against him by the regulator for the alleged violation of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, as per a Sebi order dated March 28.

The regulator's High Powered Advisory Committee (HPAC) considered the settlement terms proposed by Kothari and recommended the case for settlement on payment of Rs 50,09,687 by him.

The recommendation of HPAC was also accepted by the panel of whole time members of Sebi.

On March 23, Kothari paid the settlement amount, following which the Securities and Exchange Board of India (Sebi) settled the adjudication proceedings.

However, the regulator said if any representation made by Kothari in the present settlement proceedings is subsequently discovered to be untrue, it could take actions against him.

Sebi also settled with five promoter entities of Unity Infraprojects cases related to alleged violation of SAST (Substantial Acquisition of Shares and Takeovers) Regulations after they paid Rs 34.33 lakh towards settlement charges.

As per five separate Sebi orders dated March 28, the promoters are Avarsekar and Sons, Abhijit K Avarsekar, Pushpa K Avarsekar, Ashish K Avarsekar and Kishore K Avarsekar.