The Securities and Exchange Board of India has closed an investigation against Spandana Sphoorty Financial Ltd. for alleged violations of disclosure and listing regulations after a settlement of Rs 38 lakh, saying that further action could be taken if terms were violated.
The market regulator approved the settlement on July 25 and the payment was confirmed on Aug. 9. The settlement order was passed on Wednesday and will come into force with immediate effect, SEBI said in a notice.
A show-cause notice was issued on Jan. 4 to the non-banking financial company and it proposed a settlement on March 5. After this, the SEBI's committee recommended a settlement payment of Rs 38 lakh.
SSFL has been registered with the Reserve Bank of India since April 2015. Pursuant to its initial public offer, its shares were listed on the BSE and NSE in August 2019.
Shares of SSFL closed 1.74% higher at Rs 618 apiece on the BSE, compared to a 0.13% advance in the benchmark Sensex.
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