Capital market regulator Securities and Exchange Board of India (Sebi) today passed a consent order against education solutions provider Educomp Solutions Ltd to settle an year-old case by paying Rs 10 lakh. A consent order is an order settling administrative or civil proceedings between the regulator and a party.
In January 2011, Sebi had served a show-cause notice on the company, alleging it had delayed making a corporate announcement to the stock exchanges, which was in violation of Sebi’s listing agreement.
Educomp submitted a consent order application to Sebi in March 2011. Pursuant to the application, company officials attended a meeting with Sebi’s internal committee on consent in July 2011. After that, the consent terms were placed before the High Powered Advisory Committee of Sebi.
Educomp, without admitting or denying guilt, settled the case through consent by paying Rs 10 lakh. Sebi said the consent order will come into force immediately and it has disposed adjudication proceedings against Educomp.
