Mumbai: Sebi has settled the case against a Foreign Institutional Investor, Geomatrix (HK) after the entity made a payment of Rs 17 lakh regarding charges of giving false information about its registration to the market regulator.
In its order dated December 26, Sebi said "This consent order disposes of the said proceedings pending against the noticee under Securities and Exchange Board of India Act..."
The regulator had alleged that Geomatrix (HK) had repeatedly misled the regulator by submitting " false information relating to structure of sub-accounts by providing incorrect declaration and undertaking for them and that it did not provide the correct structure until a review of the same was undertaken by Sebi".
While the adjudication proceedings against Geomatrix (HK) were in progress, the entity offered to make a payment of Rs 17 lakh as settlement charges under Sebi's consent order mechanism.
Subsequently, Sebi's High Powered Advisory Committee (HPAC) after considering the facts of the case, recommended the case for settlement on the payment of the amount. This was also approved by the panel of whole-time members of Sebi.
Thereafter, Geomatrix (HK) remitted a sum of Rs 17 lakh, on December 18, 2012.
However, the regulator noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the entity is found to be untrue.