RBS Equities, formerly known as ABN Amro Asia Equities (India) Ltd, has paid Rs 1 lakh to SEBI to settle a probe by the market regulator into alleged violation of norms with respect to a change in the indirect control of the company.

SEBI said it began the adjudication process against the company over alleged violation of its merchant banking norms in March, 2009. The issue relates to the company’s alleged failure to seek prior approval from the regulator on two occasions for an indirect change of control.

In a consent order - an out-of-court settlement under which SEBI settles certain probes against market entities after payment of settlement charges - the regulator said that the case has now been settled against RBS Equities.

ABN Amro Bank in India became part of the Royal Bank of Scotland (RBS) Group in 2008 following the RBS-led acquisition of the Dutch bank. Subsequently, the financial services business run by ABN Amro also became a part of RBS. Notices were issued in this regard in November 2009.

The company later sought a consent settlement in December, 2009, and later the consent settlement was reached for a fee of Rs 1 lakh in January, 2011.

The consent terms were placed before SEBI’s high-powered committee on consents in February this year and the settlement was approved by the committee.

Without admission or denial of guilt, the company has now remitted the agreed sum through a demand draft dated April 25, SEBI said.

The regulator further said the consent order disposes of the adjudication process, without prejudice to the regulator’s right to take any enforcement actions in future if the company is found to have made any false representations or have breached the terms of the consent order.

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