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Former ING Vysya Bank official settles case with Sebi

Press Trust of India  |  New Delhi 

A former senior official of has settled proceedings with regulator in connection with alleged disclosure lapses after paying nearly Rs 3.70 lakh.

The Securities and Exchange Board of (Sebi) had received a reference from the for suspected violation of PIT (Prohibition of Insider Trading) Regulations in trading of its scrips.

Following an examination, the regulator found that Aniruddha Paul, the former chief information officer (CIO) of ING Vysya Bank, had sold of the on March 13 and 16, 2015, after which he was required to make relevant disclosures about the transactions under PIT Regulations to the bank and the stock exchanges within two working days.

had initiated adjudication proceedings against Paul on allegations that he had made a delayed disclosure regarding his transactions to the bank and failed to disclose about the deals to the stock exchanges.

According to a order, the former CIO of had proposed to settle the proceedings on payment of Rs 3,69,780.

The settlement terms proposed by Paul were placed before the regulator's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 3,69,780.

The recommendation of the HPAC was also accepted by the panel of whole-time members of Sebi, the regulator said.

Last month, Paul paid the settlement amount and accordingly, Sebi disposed of the proceedings.

The regulator also noted that if any representation made by the former CIO of in the settlement proceedings is subsequently discovered to be untrue, enforcement actions can be initiated against him.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 15 2017. 20:42 IST