Elcid Investments Ltd on Wednesday settled a case of an alleged violation of market norms with regulator Sebi by paying over Rs 18 lakh towards settlement charges.
Sebi had received a complaint against Elcid Investments wherein it was alleged that its promoters have a direct shareholding of 74.88 per cent, but indirectly holds 79.62 per cent stake.
Sebi conducted an investigation into the case between January 2018 – July 2020.
By not disclosing the shareholding of one of the promoters as part of the promoter/promoter group, the firm had allegedly failed to comply with certain regulations and Sebi’s circular.
Pending adjudication proceedings, the company filed a settlement application with the regulator, proposing to settle the case without admitting or denying it.
The high-powered advisory committee considered the settlement terms and recommended the case for settlement upon payment of Rs 18,11,775.
The settlement amount was remitted to Sebi on August 27, 2021.
“Therefore, in view of the acceptance of the settlement terms and the receipt of the settlement amount as above by Sebi, the instant adjudication proceedings initiated against the Noticee … are disposed of,” the regulator said.