Sebi settles charges against two entities for Rs 5.50 lakh

Business

Sebi has settled charges against two entities -- Spangle Marketing and ACI Infocom -- after they made a payment of Rs 5.50 lakh each in a matter related to alleged violations of the market regulator's takeover norms.

Sebi had alleged that both the firms had delayed in making disclosures regarding their shareholding patterns.

In two separate orders dated December 5, Sebi said the matter on alleged delay in compliances by the companies is settled and it would not "initiate any enforcement action" for the default.

As per Sebi, Spangle Marketing had admitted to delay in compliance with the provisions of the takeover norms for the years 1998-2003, 2005-2008 and 2011.

The company had also submitted to Sebi that the delay in compliance had not resulted in losses to investors.

In June, this year the company proposed a settlement of Rs 5.50 lakh under Sebi's consent order mechanism.

Thereafter, the High Powered Advisory Committee (HPAC) after considering the facts and circumstances of the case recommended the matter be settled on payment of the amounts.

The same was approved by the panel of whole time members of Sebi. Spangle Marketing remitted the sum of Rs 5.50 lakh in October, this year.

In the matter related to ACI Infocom, Sebi had alleged the entity of non-compliances with the norms for the years 1998-2005, 2008 and 2009.

In March this year, the entity offered to pay Rs 5.50 lakh to settle any anticipated proceedings against it, Sebi said.

The company had remitted the amount in September this year after the HPAC and the panel of whole time members of Sebi approved the proposed settlement, it added.

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