New Delhi, April 10 (IANS) The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank upon the payment of Rs 1.24 crore by the lender. SEBI had alleged violations of certain provisions of the Listing Obligations and Disclosure Requirements (LODR) Regulations by the bank in a show-cause notice dated March 16, 2023.
The bank filed a settlement application in response to the show-cause notice, which was subsequently disposed of by SEBI through the settlement order. SEBI accepted the settlement terms and the receipt of the settlement amount, leading to the closure of the adjudication proceedings initiated against the bank.
According to the SEBI order, the bank proposed to settle the proceedings without admitting or denying the findings of facts and conclusions of law. After a meeting with SEBI’s internal committee on January 16, 2024, the bank proposed revised settlement terms in a letter dated January 27, 2024. The High Powered Advisory Committee recommended settling the case with a payment of Rs 1.24 crore by the bank.
The settlement order marks the resolution of the regulatory proceedings against Utkarsh Small Finance Bank. SEBI’s decision to accept the settlement amount brings an end to the allegations of violations of LODR Regulations by the bank. The bank’s cooperation in settling the matter highlights a commitment to regulatory compliance and transparency in the financial sector.
