IIFL Wealth Management on Friday paid a settlement quantity of over Rs 3 crore to markets regulator Sebi to settle a case pertaining to violations of regulatory norms.
The firm was alleged to have violated inventory brokers’ regulation in addition to PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules.
It was alleged that IIFL Wealth Management and IIFL Securities Ltd knowingly manipulated the reference value of Alkem Laboratories for a block deal.
Sebi had carried out an examination of block offers to examine any manipulation of reference value thought-about for execution of block deal trades within the scrip of Alkem Laboratories for the interval April to September 2019.
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Pending the proceedings, IIFL Wealth Management proposed to settle the case with out admitting or denying the guilt.
The High Powered Advisory Committee of Sebi thought-about the settlement phrases proposed by the corporate and advisable the case for settlement on cost of Rs 3.12 crore.
Sebi famous that the quantity was remitted by the agency dated July 04, 2022.
“Therefore, in view of the acceptance of the settlement terms and the receipt of the settlement amount as above by Sebi, the instant adjudication proceedings initiated against the noticee…dated April 16, 2021, are disposed of,” it added.
Source: www.financialexpress.com”