SBICAP Trustee Company Ltd on Wednesday settled with markets regulator Sebi a case pertaining to alleged violation of debenture trustees rules after paying Rs 25 lakh towards settlement amount.
This came after SBICAP Trustee Company filed an application with Sebi proposing to settle the alleged violations of debenture trustee rules “without admitting or denying the findings of facts” through a settlement order.
SBICAP Trustee Company, a subsidiary of SBI Capital Markets Ltd, paid Rs 25.08 lakh towards the settlement amount.
“In view of the acceptance of the settlement terms and the receipt of settlement amount …by Sebi, the instant adjudication proceedings initiated against the noticee vide SCN …dated September 6, 2023 is disposed of in terms of …the Settlement Regulations,” Sebi said in its order.
In its show cause notice, Sebi alleged that SBICAP Trustee Company violated debenture trust rule pertaining to improper disclosure on its website with respect to maintenance of ‘recovery expense fund’ along with improper disclosure with respect to calendar of interest/redemptions.
Also, it was alleged that SBICAP made improper disclosure of asset cover certificates.
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