SBI MF settles Padmini Tech case with Sebi for Rs 140 mn via consent route

The case pertains to SBI MF's transactions in shares of Padmini Technologies in the early 2000s

SBI Mutual has settled a case with the Securities and Exchange Board of India (Sebi) through the consent mechanism. The SBI-backed fund house paid a hefty sum of Rs 140 million as settlement charges and another Rs 6.2 million towards Sebi's Investor Protection and Education Fund.       

As per the settlement order, the proceedings were initiated through the show cause notice dated May 28, 2013, for 'fraudulently concealing important facts while dealing in the shares of Padmini Technologies'.  

While the order didn't disclose the details of the violation, as per past reports, the case pertained to SBI MF's transactions