New Delhi, Feb 27 (PTI) Kantilal Chhaganlal Securities on Monday settled a case pertaining to alleged violation of SBSB (Stock Broker and Sub-brokers) norms with market regulator Sebi after a payment of Rs 31.20 lakh as settlement amount.

Kantilal Chhaganlal Securities had proposed to settle the proceedings "without admitting or denying the findings", according to a Sebi order.

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In its settlement order, the market watchdog said, "The instant adjudication proceedings initiated against noticee vide SCN dated May 25, 2022 is disposed of".

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings for the alleged violation of SBSB regulations.

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Sebi issued a show cause notice on May 2022, alleging that the noticee did unauthorised trading and further it had not carried out inspection of sub-broker as mandated by stock exchanges violating the rules.

Pending adjudication proceedings in the matter, the noticee filed a settlement application with Sebi to settle the case. The regulator recommended the settlement of instant proceedings upon payment of Rs 31.20 lakh.

In a separate order, Sebi slapped a fine of Rs 6 lakh on four entities for indulging in fraudulent practices in the preferential allotment of Aadhaar Ventures India Ltd (AVIL) shares.

The order came after an investigation was carried out by Sebi pertaining to funding by AVIL to the preferential allottees for the preferential allotment.

The company had made several preferential allotment during the period January 2009 to April 2015.

However, the focus of investigation in the present case was to examine funding, by AVIL to the preferential allottees in respect of the preferential allotment dated March 2013.

The period of investigation was January-March 2013.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)