Sebi settles portfolio norms violation case against individual

Market regulator Sebi today settled a case related to violation of portfolio manager regulations against one Nalin Pasricha after he paid over Rs 54 lakh in settlement fee.
The Securities and Exchange Board of India (Sebi), which conducted an examination into the alleged irregularities in the services provided by Pasricha found that he violated the provision of portfolio manager regulations.
The capital market watchdog in an order passed today said that alleged violation with the provision of portfolio manager regulation is settled and it disposed of the adjudication proceedings pending in respect of Pasricha.
Pasricha had proposed to settle the case on payment of Rs 54.40 lakh as settlement charges under Sebi's consent order mechanism.

Under the consent order mechanism, entities or individuals can seek to settle cases with the regulator after payment of certain fee and other expenses without admission of guilt.
Thereafter, Sebi's High Powered Advisory Committee (HPAC) considers and recommends whether the case can be settled on the payment of the proposed amount.
HPAC recommendations then have to be accepted by the panel of whole time members of Sebi.
As per the Sebi consent order, the regulator can take enforcement action, including reopening of the pending proceedings against Pasricha, if any representation made by him is found to be untrue.