Credit Suisse Group AG has settled with the Securities and Exchange Board of India a case related to alleged incorrect monthly reporting of offshore derivative instruments by paying over Rs 25 lakh towards settlement charges.
The regulator had initiated proceedings against the firm for allegedly violating provisions of Foreign Portfolio Investors Regulations and SEBI's circular by incorrect monthly reporting of offshore derivative instruments in its monthly reports.
Pending the proceedings, Credit Suisse (Singapore) Ltd. filed application under the settlement mechanism to settle the case without admitting or denying the charges.
In a meeting with the internal committee of SEBI, the firm proposed to pay Rs 25.35 lakh, as per the settlement order dated Oct. 30. The amount, after the approval of panel of whole-time members of SEBI, was remitted by the firm, SEBI said. Accordingly, the pending adjudication proceedings initiated against Credit Suisse has been disposed of, it added.
However, enforcement action including commencing of proceedings can be initiated if any representation made by the firm in the settlement proceedings is subsequently discovered to be untrue.
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