Capital market regulator SEBI has approved the one-time settlement application of Bank of India Investment Managers and five others with collective payment of ₹3.93 crore.
The violation pertains to inter-scheme transfers of high-risk debt securities to schemes categorised as low/medium risk and valuation of downgraded debt securities in 2018-19.
The applicants including Bank of India Investment Managers and Rajesh Chawathe, chief compliance officer, have remitted a settlement amount of ₹1.36 crore and ₹39 lakh, while Sandeep Dasgupta (CEO) and Jayati Dasgupta (wife of the CEO) have paid ₹93.60 lakh and ₹39 lakh. Other applicants Anurupa Dasgupta (daughter of the CEO) and Alok Singh (fund manager) have paid ₹39 lakh and ₹45.50 lakh, respectively.
The one-time settlement is a process by which the applicant agrees to pay a certain amount without admitting or denying the findings of fact and conclusions of law.
SEBI said the settlement applications were placed before its Internal Committee in its meeting on September 1 and the terms were revised on September 22.
The Internal Committee, on consideration of the facts and circumstances of the case, felt that the revised proposal of applicants were in line with the amount formulated as per the settlement regulations and recommended the case for settlement to the High-Powered Advisory Committee for its consideration, it said. The Panel of the Whole Time Members of SEBI on November 9 approved the settlement application.
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