Angel One pays Rs 5.74 crore to settle case with Sebi
Angel One on Friday settled a case related to an alleged violation of regulatory norms with the capital markets regulator Sebi after paying Rs 5.74 crore towards settlement charges. The settlement order came after the applicant (Angel One Ltd) proposed to settle the instant proceedings initiated against them, «without admitting or denying the findings of facts and conclusions of law».
«The instant adjudication proceedings initiated against the applicant (Angel One) vide show cause notice (SCN) dated March 12, 2024, and enquiry proceedings initiated against the applicant vide SCN dated March 12, 2024, is disposed of in terms of the settlement regulations,» Sebi's Adjudicating Officer Barnali Mukherjee said in the order.
Sebi initiated adjudication proceedings under the provisions of the Securities Contracts (Regulation) Act, (SCR Act) and enquiry proceedings under intermediaries rules against Angel One Ltd, a BSE and NSE-listed entity, for the alleged violations.
The regulator also noted that Angel One allegedly flouted Stock Brokers norms and various other Sebi regulations.
Thereafter, a show cause notice was by the regulator to Angel One on March 12, 2024.
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