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Individual settles case with Sebi in Crisil matter, pays Rs 26 lakh

Press Trust of India  |  New Delhi 

Markets regulator Sebi has settled a case of alleged by an individual after paying over Rs 26 lakh towards settlement charges in the matter of Crisil Ltd.

Besides, individual disgorged illegal gains worth Rs 7.92 lakh along with an interest of Rs 5.15 lakh, Sebi said.

In an order, the regulator said it conducted probe regarding the corporate announcement of voluntary open offer for acquisition of up to 1.56 crore equity shares of Crisil Ltd from public shareholders by (Singapore) along with its persons acting in concert (PACs) on June 3, 2013.

The probe observed that Pathak had purchased the shares of Crisil during the period when price-sensitive information was not public (May 1, 2013 to June 2, 2013) and sold the same immediately on the date of corporate announcement.

By doing so, Pathak made profit of 7.84 lakh and thereby "prima-facie" violated norms, Sebi said.

While the proceedings were pending, Pathak filed an application under settlement mechanism and proposed to pay Rs 26.28 lakh towards settlement charges along with disgorgement of illegal gains with 12 per cent annual interest.

The settlement amount proposed was approved by a panel of Sebi's whole-time members.

Accordingly, Pathak remitted Rs 26.55 lakh along with illegal gains of 7.92 lakh and an interest of Rs 5.15 lakh and thereby proceedings initiated against Pathak are "settled", the regulator said in the order on Monday.

The amounts are inclusive of simple interest at the rate of six per cent per annum for the delay in remitting the funds, the Securities and Exchange Board of (Sebi) said.

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

First Published: Tue, April 16 2019. 21:45 IST
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