Courts Update SEBI disposes of adjudication proceedings initiated against Yes Bank...

SEBI disposes of adjudication proceedings initiated against Yes Bank Limited

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Mumbai Sept 15(ILNS): The Securities and Exchange Board of India (SEBI) disposed of the instant adjudication proceedings which were initiated against Yes Bank Limited and issued a settlement order.

After attending the meeting with the SEBI Internal Committee in terms of the Settlement Regulations, the High-Powered Advisory Committee considered the settlement terms proposed and recommended that the case may be settled upon payment of Rs 1,65,37,500 (Rs One Crore Sixty Five Lakh and Thirty-Seven Thousand and Five Hundred only) on joint and several liability bases.

The SEBI conducted an investigation into the affairs of Yes Bank Limited in which they observed certain violations of Section 12A(c) of the SEBI Act and Regulations 3(a), 3(d), 4(1),4(2)(k) and 4(2)(r) of PFTUP Regulation(Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) committed by Yes Bank Ltd, Ashish Agrawal, Niranjan Banodkar, Sanjay Nambiar, Devamalya Dey, Rajat Monga and Shivanand Shettigar respectively.

Pursuant to the investigation above, SEBI, vide its order dated July 20, 2020, appointed B.J. Dilip as the Adjudicating Officer to inquire into and adjudge under Section 15HA of the SEBI Act, the aforesaid alleged violations committed by them.

A show-cause notice was issued to Yes Bank Ltd dated October 26, 2020, to the violators.

Observation-

The panel of whole-time SEBI members approved the settlement terms proposed and recommended that the case may be settled upon payment of Rs 1,65,37,500 and the same was communicated by SEBI to Applicants vide email dated August 23, 2021.

Accordingly, as communicated to SEBI, the settlement amount of Rs 1,65,37,500 was remitted to SEBI on August 27, 2021, and was duly received by SEBI.

Direction-

Adjudicating Officer Soma Majumdar, in view of the acceptance of the settlement terms and the receipt of the settlement amount, disposed of the instant adjudication proceedings initiated against Yes Bank Ltd vide show cause notice dated 26th October 2020./ILNS/KR/SNG

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