Raselle Capital VCC, a foreign portfolio investor, has resolved a case concerning alleged breaches of FPI regulations with the capital markets regulator SEBI by paying Rs 1.23 crore in settlement charges.
The decision follows Raselle Capital's offer to settle the ongoing proceedings against it without "admitting or denying the findings of facts and conclusions" under the law.
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The Securities and Exchange Board of India initiated adjudication proceedings against Raselle Capital VCC for the alleged violations of FPI rules and other market norms. Further, a show cause notice dated Dec. 18, 2023, was issued to the applicant by the markets watchdog for the alleged violations.
Thereafter, the applicant filed a settlement application with the regulator in terms of the provisions of SEBI's regulations to settle the matter.
Pursuant to the receipt of the application, SEBI's high powered advisory committee recommended to settle the matter on payment of the settlement amount.
"...in view of the acceptance of the settlement terms and the receipt of settlement amount by SEBI, the instant adjudication proceedings initiated against applicant vide SCN dated December 18, 2023, is disposed of in terms of the Settlement Regulations on the basis of the settlement terms," SEBI's Adjudicating Officer Barnali Mukherjee said in the order.
Subsequently, Raselle Capital VCC paid the amount and settled the case.
(With inputs from PTI)
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