Bhushan Steel promoter Neeraj Singal has settled a case related to alleged violation of insider trading norms with markets regulator Sebi after payment of over Rs 4 lakh as a settlement charges.
"The adjudication proceedings proposed to be initiated against the applicant (Singal) for the alleged violation... are settled," Sebi said in a settlement order, adding that it would not initiate any enforcement action for the alleged defaults.
Singal allegedly made delayed disclosure under the Prohibition of Insider Trading (PIT) Regulations with respect to the acquisition of shares of Bhushan Steel by him in 2014 on June 23, June 27 and October 23.
He had offered to settle the case on payment of 4.08 lakh towards settlement charges.
Thereafter, Sebi's High Powered Advisory Committee recommended the case for settlement on the payment of the amount. This was also approved by Sebi's panel of whole-time members, following which Singal remitted the amount.
Accordingly, Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings initiated against him.
It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by him is found to be untrue.
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