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Paris-based financial services firm BNP Paribas on Tuesday settled with market regulator Sebi a case of alleged violation of foreign portfolio investors rule after paying Rs 39.97 lakh towards settlement charges. The noticee (BNP Paribas) filed settlement application proposing to settle the instant proceedings initiated against them vide show cause notice dated on February 25, 2025, without "admitting or denying the findings of facts and conclusions of law", Sebi said. The settlement order came after the Securities and Exchange Board of India (Sebi) initiated adjudication proceedings in respect of BNP Paribas for the alleged violation of FPI (Foreign Portfolio Investors) rules. Thereafter, a show cause notice (SCN) was issued by the markets watchdog Sebi on February 25, 2025 for the alleged violation of rules. Subsequently, BNP Paribas filed revised settlement terms which was approved by Sebi and paid the amount. "In view... the instant adjudication proceedings initiated against t
The Reserve Bank of India on Friday said it has imposed a penalty of Rs 31.8 lakh on BNP Paribas (the bank) for certain deficiencies in statutory and regulatory compliance. The central bank has also imposed penalties on Hewlett Packard Financial Services (India), SMFG India Credit Company, and Muthoot Vehicle & Asset Finance for non-compliance with certain norms. In a statement, the RBI said the penalty has been imposed on the bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances'. Giving details, it said the statutory inspection for Supervisory Evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to BNP Paribas, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's