Link Intime India pays ₹14.5 lakh to settle norms violation case with Sebi

Link Intime India on Tuesday settled a case with markets regulator Sebi for alleged violation of market norms after paying Rs 14.5 lakh towards the settlement amount.

Link Intime India (now known as MUFG Intime India), a registrar to an issue and share transfer agent, had filed a settlement application on December 20 last year, the regulator said in the order.

The order came after the applicant (Link Intime India) proposed to settle the instant proceedings initiated against it, without "admitting or denying the findings of facts and conclusions of law".

As per the settlement order, the markets watchdog will not initiate enforcement proceedings against Link Intime India for the violations. However, Sebi retained the right to take further action if any misrepresentation is discovered or if the company breaches any terms of the settlement.

"...in view of the acceptance of the settlement terms and... settlement amount by Sebi, the instant adjudication proceedings initiated against applicants vide SCN (show cause notice) dated October 16, 2024 is disposed of," Sebi's adjudicating officer Amit Kapoor said in the order.

The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against Link Intime India Pvt Ltd for the alleged violation of code of conduct under Sebi's (Registrars to an Issue and Share Transfer Agents) rules, in the matter of inspection of Electrotherm India Ltd.

Thereafter, the regulator issued a show cause notice on October 16, 2024 against the applicant for the alleged violation.

Following the application, the company filed revised settlement terms which were approved by Sebi's high-powered advisory committee which recommended the matter be settled.

Consequently, Link Intime India paid the amount and settled the case with Sebi.