Asian Corporate Consultancy along with one Dilip Anantrai Desai has settled a probe by markets regulator SEBI into alleged violation of portfolio managers norms on payment of Rs 7.4 lakh towards settlement charges.
The Securities and Exchange Board of India (SEBI) agreed to settle proposed adjudication proceedings in the case after it was approached by the two entities with a plea under the settlement regulations.
Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.
"The pending adjudication proceedings initiated against the noticees (Asian Corporate Consultancy and Desai) ... are disposed of in terms of...the settlement regulations," SEBI said in a settlement order passed on Monday.
The regulator had initiated adjudicating proceedings in December 2016 against the two entities for alleged violation of regulations pertaining to portfolio mangers. While the adjudication proceedings were initiated, they submitted an application for settlement of the adjudication proceedings.