Nomura Singapore pays Rs 25.35 lakh to Sebi to settle alleged violation of norms

By: |
March 4, 2021 6:05 PM

Subsequently, the discrepancies were addressed by the applicant, and the revised monthly reports for these months were filed on January 24, 2020.

The entity has settled the matter "without admitting or denying the findings of fact and conclusions of law" after paying Rs 25.35 lakh towards settlement charges, Sebi said in a settlement order passed on Wednesday.The entity has settled the matter "without admitting or denying the findings of fact and conclusions of law" after paying Rs 25.35 lakh towards settlement charges, Sebi said in a settlement order passed on Wednesday.

Nomura Singapore Limited has settled with Sebi a case pertaining to alleged incorrect reporting of offshore derivative Instruments (ODI) in monthly reports filed with the capital markets regulator.

The entity has settled the matter “without admitting or denying the findings of fact and conclusions of law” after paying Rs 25.35 lakh towards settlement charges, Sebi said in a settlement order passed on Wednesday.

“The proceedings that may have been initiated for the defaults …be settled qua the applicant (Nomura Singapore),” the Securities and Exchange Board of India (Sebi) said.

Also, Sebi would not initiate enforcement action against the applicant for the default.

According to the order, the applicant, which is an ODI issuing Foreign Portfolio Investor registered with Sebi, informed the regulator about certain irregularities in the data provided by them to Sebi in the ODI monthly reports during the months of March, July, August, October, November and December 2019.

This included reporting discrepancies which had resulted in underreporting as well as over-reporting in ODI as well as assets under management (AUM) values and other ancillary discrepancies in the monthly reports, related to capturing the transaction dates, trade classification, USD values, registration numbers, number of trades, legal names of subscribers among others, the order noted.

Subsequently, the discrepancies were addressed by the applicant, and the revised monthly reports for these months were filed on January 24, 2020.

Later, Nomura Singapore filed the settlement application with the markets regulator. Subsequently, a high-powered advisory committee of Sebi considered the settlement term proposed by the entity and recommended the case for settlement on payment of settlement charges of Rs 25.35 lakh.

The panel of whole-time members of Sebi approved the recommendation and the entity remitted the settlement amount, the regulator noted.

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