Manappuram Fin settles charges with Sebi

Co and management pay the regulator Rs 22 lakh to settle charges of trading irregularities

Manappuram Finance and four key management personnel of the company have settled the charges of trading irregularities with Securities and Exchange Board of India (Sebi) by paying a Rs 22 lakh.

Sebi had conducted investigation into the alleged irregularities in the trading in the shares of Manappuram Finance on the background of Reserve Bank of India's order restraining the company from accepting/renewing public deposits in 2012.

Sebi's investigations had revealed that the company had not complied with the Prohibition of Insider Trading (PIT) regulations.

Sebi settled Manappuram Finance charges with a sum of Rs 680,000. V P Nandakumar the then Executive Chairman, Unnikrishnan ex-managing director, Raveendra Babu then joint managing and Rajesh Kumar the compliance officer of the company at the relevant time, with the sum of Rs 680,000.

M Anandan the ex-independent and non- executive director of the company settled the charges with Rs 877,000.