BNP Paribas Arbitrage, Goldman Sachs Settle Case With SEBI
SEBI building in Mumbai. (Photo: BloombergQuint)

BNP Paribas Arbitrage, Goldman Sachs Settle Case With SEBI

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BNP Paribas Arbitrage, Goldman Sachs Pte and Goldman Sachs Investments have settled with the Securities and Exchange Board of India a case for alleged incorrect monthly reporting of offshore derivative instruments by paying a total amount of around Rs 76 lakh towards settlement charges.

The regulator had initiated proceedings against the firms for allegedly violating provisions of Foreign Portfolio Investors Regulations and the regulator's circular by alleged incorrect monthly reporting of offshore derivative instruments in their monthly reports.

However, the firms filed applications under the settlement mechanism of the regulator to settle the case without admitting or denying the guilt.

The firms had a meeting with the internal committee of SEBI and proposed to pay Rs 25.35 lakh each, the settlement orders said.

The amount, after the approval of panel of whole-time members of SEBI, was remitted by the three companies in September 2019, SEBI said in three separate orders on Thursday.

Accordingly, the pending adjudication proceedings initiated against the firms have been disposed of, SEBI said.

However, the regulator said that enforcement actions, including commencing of proceedings, can be initiated if any representation made by BNP Paribas Arbitrage, Goldman Sachs Pte and Goldman Sachs Investments in the settlement proceedings is subsequently discovered to be untrue.

As per a separate order, Hanung Toys & Textiles Ltd. has paid Rs 3 lakh towards settlement charges for allegedly making delayed disclosures and violating Substantial Acquisition of Shares and Takeovers norms.

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