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Mr Neeraj Singal of Bhushan Steel settles case with Sebi- The 18th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
4/19/2017 sheet metal expo |
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Money Control reported that Bhushan Steel promoter Mr Neeraj Singal has settled a case related to alleged violation of insider trading norms with markets regulator Sebi after payment of over Rs 4 lakh as a settlement charges. Sebi said in a settlement order "The adjudication proceedings proposed to be initiated against the applicant for the alleged violation are settled.¡±
SEBI added that it would not initiate any enforcement action for the alleged defaults.
Mr Singal allegedly made delayed disclosure under the Prohibition of Insider Trading (PIT) Regulations with respect to the acquisition of shares of Bhushan Steel by him in 2014 on June 23, June 27 and October 23. He had offered to settle the case on payment of 4.08 lakh towards settlement charges.
Thereafter, Sebi''s High Powered Advisory Committee recommended the case for settlement on the payment of the amount. This was also approved by Sebi''s panel of whole-time members, following which Singal remitted the amount.
Accordingly, Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings initiated against him.
It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by him is found to be untrue.
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The 18th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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