The Securities and Exchange Board of India?s (Sebi) new concept of ?consent orders? has started gaining momentum. The regulator has passed seven orders including the waiving of the enquiry proceedings against Blue Information Technology Ltd (BITL) and PN Vijay Financial Services Ltd.
With regard to Blue Information Technology Ltd (BITL), Sebi said that it has conducted an investigation into the alleged irregularities in the trading of BITL shares. Enquiry proceedings were initiated against a member of the Bombay Stock Exchange (BSE) Shrikant G Mantri. Subsequently, he has made an application before the regulator and proposed revised consent terms submitting that, ?I hereby propose to pay Rs 5 lakhs as the term of consent in the enquiry proceeding initiated by Sebi in the matter of BITL.?
The revised consent terms as proposed by the applicant have been placed before the High Powered Advisory Committee (HPAC) which after deliberation recommended the case for settlement on the revised consent terms proposed by the applicant, Sebi said. Sebi said that in view of the application, it has been decided to dispose of the said enquiry proceedings pending before Sebi against the applicant in the BITL.
In another case, Sebi has conducted an inspection against PN Vijay Financial Services (PNV) following the allegations made by Brig. R.S Anand (retd). Sebi has initiated enquiry proceedings against PNV which was pending with the regulator. PNV has made an application and proposed revised consent terms proposing to offer Rs 5 lakh towards consent terms in the matter. The regulator has disposed of the said enquiry proceedings before Sebi against the applicant.
Sebi has passed similar consent orders in four other cases – Priyans Saree Industries Ltd, Granules India Ltd, Ojas Technocam Ltd and BITL.
