Sebi settles case with Genesis in Kotak Mahindra Bank case
It was alleged that Genesis violated Sebi's Substantial Acquisition of Shares and Takeovers Regulations.
New Delhi: Genesis Asset Managers has settled a case of alleged violations of disclosure norms with capital markets regulator Sebi on payment of Rs 2.7 lakh as settlement fee.
It was alleged that Genesis violated Sebi's (Substantial Acquisition of Shares and Takeovers) Regulations by making delayed disclosure in the matter of Kotak Mahindra Bank.
After finding that Genesis violated norms, Sebi had initiated adjudication proceedings. While further proceedings were underway, Genesis proposed to settle the proceedings through the settlement mechanism upon payment of Rs 2.7 lakh as settlement fee.
Thereafter, Sebi's High Powered Advisory Committee (HPAC) recommended that the matter may be settled on the payment of the amount offered. This was also approved by the panel of whole-time members of Sebi, following which Genesis remitted the amount in December.
In a settlement order dated January 4, Securities and Exchange Board of India (Sebi) has decided to dispose of the adjudication proceedings initiated against Genesis.
Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by Genesis is found to be untrue.