Markets regulator Sebi has settled with an individual proceedings related to an ING Vysya Bank matter after he paid Rs 15.75 lakh towards settlement.
Mahesh Dayani had filed an application to settle the "proposed adjudication proceedings" related to alleged delay in making disclosures as required under the Sebi (Prohibition of Insider Trading) Regulations.
The settlement terms proposed by the individual were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 15.75 lakh. This was accepted by the panel of whole time members of Sebi.
Last month, Dayani paid the settlement amount of Rs 15.75 lakh and then Sebi settled the proceedings.
In an order passed on August 31, the regulator said that if any representation made by the individual in the settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing of proceedings can be initiated against him.
Separately, the regulator has settled proceedings against Otco International and two of its erstwhile promoters with respect to alleged disclosure lapses. In total, the three entities paid over Rs 9 lakh as settlement charges.
While the firm paid Rs 3.99 lakh to settle the case, the company's former promoters -- Collin Richard Timms and Olinda Timms -- paid Rs 2.66 lakh each to settle the proposed adjudication proceedings against them.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)