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Alexander Stamps and Coin Ltd Tuesday settled proceedings with markets regulator SEBI in connection with alleged violation of insider trading norms on payment of Rs 6.8 lakh towards settlement charges.
The firm, formerly known as Rudraksh Cap Tech, filed an application for settlement while the adjudication proceedings were initiated by the regulator for alleged violations of PIT (Prohibition of Insider Trading) Regulations.
The settlement terms proposed by the entity were considered by SEBI’s High Powered Advisory Committee (HPAC), which recommended the case for the settlement on payment of Rs 6.8 lakh.
The recommendation of HPAC was also accepted by the panel of whole-time members of SEBI.
Following this, the firm paid the settlement amount and accordingly, the Securities and Exchange Board of India (SEBI) settled the case.
As per the order, if any representation made by the company in the settlement proceedings is subsequently discovered to be untrue, SEBI would take enforcement actions against the firm.
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