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Thursday, Jan 08, 2004

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Citigroup Global fined Rs 2 cr for delaying disclosure

Our Bureau

Mumbai , Jan. 7

THE Securities and Exchange Board of India has imposed a fine of Rs 2 crore, one of the stiffest penalties ever, on Citigroup Global Markets Mauritius Pvt Ltd for not disclosing on time, details of participatory notes issued by it.

Mr G.N. Bajpai, Chairman, SEBI, today said the fine was imposed on the foreign institutional investor in the second week of December after a process of adjudication.

Asked whether the regulator was moving towards a US-like system of settling offences through negotiated deals, Mr Bajpai said, "In the US, the regulator and offender sit across the table and negotiate the settlement amount. Ours is a judicial process with contentions of both sides duly argued by lawyers. It is not a deal."

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Citigroup Global fined Rs 2 cr for delaying disclosure

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