The National Securities Depository Ltd (NSDL) on Thursday settled a case related to alleged violation of depository rules with markets regulator Sebi after paying Rs 3.12 crore for the settlement amount.
This came after NSDL proposed to settle the case involving alleged violations of rules specified in the Sebi (Depositories and Participants) Regulations, 2018 “without admitting or denying findings of fact” through a conciliation order.
NSDL was accused of failing to address complaints from participants and beneficial owners within 30 days, as required by Regulation 7(g) and violating Code of Conduct clauses under the same regulations, both before and after 28 August 2023.
“In view of acceptance of the terms of the agreement and receipt of the agreement amount… by Sebi, the present allotment proceedings initiated against the applicant are hereby resolved vide show cause notice (SCN) dated February 8 of 2024,” says the agreement order. noted.
The Securities and Exchange Board of India (Sebi) received a settlement amount of Rs 3.12 crore from NSDL on October 14.
In late September, the depositary received the nod from Sebi to launch its initial public offering ( IPO ). The authorization from the markets regulator came more than a year after the company submitted its preliminary initial public offering to the regulator in July 2023.
He IPO is an offer for full sale (OFS) of over 5.72 crore shares by shareholders including the National Stock Exchange of India ( JAN ), State Bank of India ( SBI ), and HDFC Bank according to the draft red herring prospectus (DRHP).
NSDL is a Sebi registered market infrastructure institution offering a wide range of products and services to the Indian financial and securities markets. Following the introduction of the Depositories Act in 1996, NSDL pioneered the dematerialization of securities in India in November 1996.
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