IL&FS arm pays Rs 13.65 lakh to settle SEBI case
This comes after IL&FS proposed to settle the case “without admitting or denying the findings of fact and conclusions of law” through a settlement order.
NEW DELHI: IL&FS Financial Services Ltd has settled with markets regulator SEBI a case pertaining to alleged non-submission of ‘fit and proper’ declaration to the exchange after paying Rs 13.65 lakh.
This comes after IL&FS proposed to settle the case “without admitting or denying the findings of fact and conclusions of law” through a settlement order.
“The instant adjudication proceedings initiated against IL&FS Financial Services Ltd vide show cause notice...dated April 12, 2022 are hereby disposed of,” the Securities and Exchange Board of India (SEBI) said in a settlement order passed on Wednesday.
As per the show cause notice issued by SEBI, Metropolitan Stock Exchange of India Ltd (MSEI) in January 2020 informed SEBI that it had submitted ‘fit and proper’ declarations as required under the SECC or Securities Contracts (Regulations) (Stock Exchanges and Clearing Corporations) Regulations. It also stated that declarations of fit and proper were received from all shareholders holding more than 2 per cent stake of MSEI, barring IL&FS, which owned 2.48 per cent equity shares of the exchange.
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