New Delhi: The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank on payment of Rs 1.24 crore by the lender.
SEBI had issued a show cause notice to Utkarsh Small Finance Bank on March 16, 2023, alleging violation of certain provisions of the Listing Obligations and Disclosure Requirements (LODR) regulations by the market regulator.
Subsequently, the bank filed a settlement application in this regard. The disposal of the bank’s settlement application and SCN was done by SEBI as per the extant settlement order.
“Therefore, in view of the acceptance of the settlement terms and receipt of the above settlement amount by SEBI, the expedited adjudication proceedings initiated against the applicants vide SCN dated March 16, 2023 are disposed of in terms of section 15JB. The SEBI Act read with Regulation 23(1) of the Settlement Rules based on settlement conditions,” the SEBI order said.
SEBI also said that pending the judicial proceedings, the applicant, without admitting or denying the findings of fact and law, proposed to dispose of the expedited proceedings initiated against it through a settlement order and a settlement with SEBI. Application filed.
After attending a meeting with SEBI’s internal committee on January 16, 2024, in terms of the settlement rules, the applicant proposed revised settlement terms through letter dated January 27, 2024.
The High Powered Advisory Committee (‘HPAC) considered the proposed settlement terms and recommended that the case may be settled upon payment of Rs 1.24 crore by the applicant as settlement amount subject to the settlement terms.
