Sebi settles disclosure norms case with IDFC Bank for Rs10.74 lakh
Sebi settled a case of alleged breach of disclosure norms by IDFC Bank for a settlement fee of Rs10.74 lakh
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Mumbai: The Securities and Exchange Board of India or Sebi, on Tuesday, settled a case of alleged breach of disclosure norms by IDFC Bank Ltd for a settlement fee of Rs10.74 lakh.
In an order, Sebi said IDFC Bank, on 4 July, 2016, had filed an application, proposing to settle a case of alleged delay in making disclosures required Sebi’s insider trading norms.
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Settlement mechanism allows a party to settle any case of alleged default for a fee, without admission or denial of guilt. Sebi had proposed adjudication proceedings against IDFC Bank for the alleged default, which involved transactions by IDFC Bank in the shares of Deccan Chronicle Holdings Ltd. The settlement fee paid by IDFC Bank will prevent the adjudication proceedings by Sebi and the market regulator will not initiate any enforcement action against IDFC Bank for the alleged default.