Citi settles FPI norm violation case with Sebi

Citibank N.A. has settled a case violation of foreign portfolio investor norms with market regulator Sebi by paying ₹40.2 lakh as settlement charges.

"Customer acquisition form appeared to have been regenerated by the implementation team, and a member of the implementation team had copied/replicated the end-client's wet-ink signatures without the knowledge of the end client," Sebi said in its order.

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On February 9, the regulator issued a show cause notice to Citibank, following which it sought a settlement with Sebi.

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