Penalty

Sebi drops adjudication proceedings against Nuvama Wealth and Investment

Regulator finds lapses not serious enough for penalty

Aviation watchdog slaps ₹20 lakh fine on IndiGo for training lapses

IndiGo parent InterGlobe Aviation said it is in the process of contesting the order before an appellate authority and that there has been no material impact on its financials due to the DGCA order

New India Assurance ordered to pay ₹2,379 crore by tax authority

The order comes after the state-owned insurer was accused of having failed to pay taxes on premiums it received in its co-insurance business

Telecom major Vodafone Idea slapped with tax penalty of ₹6.47 crore

The company is accused of wrongly taking CENVAT credit, which is a type of tax credit businesses can claim for taxes paid on equipment or capital goods

HKMA penalises IOB's Hong Kong branch for breaching AML regulations

The Hong Kong Monetary Authority imposes a penalty on Indian Overseas Bank's Hong Kong branch for violating anti-money laundering regulations from May 2021 to January 2024

RBI fines HDFC Bank, Shriram Finance for violations of regulatory norms

The Reserve Bank of India imposed a penalty of ₹2.70 lakh on Shriram Finance and ₹4.88 lakh on HDFC Bank for violating regulatory norms

Sebi may rationalise penalties on brokers, says WTM Kamlesh Varshney

Sebi's Kamlesh Varshney says penalty rationalisation for brokers is likely soon and that a common reporting portal and designated exchange for penalties are under review

Ferrari hits traffic bump in Bengaluru, pays ₹1.4 cr after tax-free ride

Ferrari SF90 Stradale, registered in Maharashtra, seized in Bengaluru for unpaid Karnataka road tax; owner clears ₹1.42 crore dues after RTO finds car used for over 18 months

SAT quashes Sebi order against ex-Care Ratings MD & CEO Rajesh Mokashi

The tribunal said Sebi caused reputational and financial damage to Mokashi and wasted judicial time, while ignoring Justice BN Srikrishna's exoneration in the ratings case

3 Shemaroo Entertainment staffers get Bombay HC relief in GST case

The dispute originated from an input tax credit (ITC) issue involving Rs 70 crore, which tax authorities alleged Shemaroo had falsely claimed

CCI imposes penalties on UFO Moviez, others for anti-competitive practice

This comes after it was alleged that UFO Moviez entered into anti-competitive agreements with CTOs to help and assist the business of Scrabble Digital, as per the CCI order

EU plans major fine for Musk's X over disinformation, may exceed $1 billion

The penalties, expected this summer, may include a hefty fine and product changes, marking the first enforcement under the EU's Digital Services Act to regulate social media content

MRN Chamundi pays ₹56 lakh to settle market norms violation case with Sebi

MRN Chamundi Canepower and Biorefineries has settled a case with capital markets regulator Sebi over alleged violations of the Companies Act, after paying Rs 56 lakh towards the settlement amount. The order came after MRN Chamundi filed a suo motu settlement application under the norms proposed to settle by neither "admitting nor denying the findings of fact and conclusions of law". "It is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant (MRN Chamundi Canepower and Biorefineries)," Sebi's whole-time members Amarjeet Singh and Kamlesh C Varshney said in the order on Tuesday. As per the settlement order, the markets watchdog will not initiate enforcement proceedings against MRN Chamundi Canepower for the violations. However, Sebi retained the right to take further action if any misrepresentation is discovered or if the company breaches any terms of the settlement. The violations pertained to the allotment of equity .

Link Intime India pays ₹14.5 lakh to settle norms violation case with Sebi

Link Intime India on Tuesday settled a case with markets regulator Sebi for alleged violation of market norms after paying Rs 14.5 lakh towards the settlement amount. Link Intime India (now known as MUFG Intime India), a registrar to an issue and share transfer agent, had filed a settlement application on December 20 last year, the regulator said in the order. The order came after the applicant (Link Intime India) proposed to settle the instant proceedings initiated against it, without "admitting or denying the findings of facts and conclusions of law". As per the settlement order, the markets watchdog will not initiate enforcement proceedings against Link Intime India for the violations. However, Sebi retained the right to take further action if any misrepresentation is discovered or if the company breaches any terms of the settlement. "...in view of the acceptance of the settlement terms and... settlement amount by Sebi, the instant adjudication proceedings initiated against ...

Sebi bars Hemant Ghai, two others from dealing in securities for five years

The regulator found that trades executed through the accounts of Ghai's family members were synchronised with stock recommendations aired on his shows

RBI imposes penalty on HSBC, IIFL Samasta Finance for violating norms

With reference to HSBC's financial position as on March 31, 2023, RBI found that the bank had outsourced the disposal or closure of anti-money laundering (AML) alerts to a group company

RBI imposes penalty on Citibank, Asirvad Micro Finance, JM Fin Home Loans

The action was based on supervisory findings following a statutory inspection of the companies for their financial position as of March 31, 2023

Aviva India hit with $7.5 million fine for fake invoice scheme, shows order

The tax demand is significant for Aviva's India business, which recorded a profit after tax of only $10 million in the 2023-24 financial year

Sebi bars Brightcom Group chairman, whole-time director for 5 years

Chairman and whole-time director debarred from the markets for five years

Mankind Pharma hit with Rs 2.27 crore GST penalty, plans to challenge order

The pharmaceutical giant criticised the order as 'arbitrary and unjustified,' and confirmed plans to challenge the decision