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Sebi rejects settlement plea of 6 entities

Press Trust of India  |  New Delhi 

Sebi has turned down six applications by various entities including McLeod Russel India, seeking settlement of proceedings against them in cases related to alleged violations of capital market norms.

According to the regulator, the settlement applications have been "rejected as they are not found to be in consonance with the Sebi (Settlement of Administrative and Civil Proceedings) Regulations, 2014."

"...Pending proceedings in these cases will continue in accordance with law," Securities and Exchange Board of India said in an update of settlement pleas till March 31.

The Securities and Exchange Board of India (Sebi) has rejected settlement application of one Ritika Jhunjhunwala for allegedly indulging in fraudulent trading in Gemini Communications matter.

Besides, Amit Joshi's plea to settle charges of alleged fraudulent trading and violation of portfolio manager norms has been denied by Sebi.

The regulator has refused settlement with McLeod Russel India for alleged violation of insider trading norms and SAST (Substantial Acquisition of Shares and Takeovers) Regulations in the matter of McNally Bharat Engineering Company, Williamson Financial Services, Kilburn Engineering, India Foils and Standard Batteries.

The organisation has also turned down the application of Kansal Fibers for alleged violation of provisions of SAST norms in Kansal Fibers matter.

The markets watchdog has also rejected the application of several entities involved in alleged violation of insider trading rules, provisions of SAST norms and ICDR (Issue of Capital and Disclosure Requirements) regulations in case of Ellenbarrie Industrial Gases.

It has refused to settle a case involving several entities for violating insider trading norms and provisions of SAST regulation in the matter of Artech Power Products.

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First Published: Mon, April 25 2016. 19:42 IST