BNP Paribas Arbitrage on Thursday settled with markets regulator Sebi a case pertaining to the alleged flouting of rules governing FPIs rules.
This came after BNP Paribas Arbitrage proposed to settle the pending proceedings through a settlement order "without admitting or denying the findings".
In the settlement order, Sebi said, "The instant adjudication proceedings initiated against BNP Paribas Arbitrage (noticee) vide SCN (show cause notice) dated March 25, 2022, is disposed of".
The Securities and Exchange Board of India (Sebi) had initiated the adjudication proceedings for the alleged violation of FPI (Foreign Portfolio Investors) norms.
Thereafter, the regulator issued an SCN to noticee on March 25, 2022, to noticee for violating the FPI regulations.
Pending adjudication proceedings, noticee filed a settlement application with Sebi to settle the case. The regulator recommended the settlement of instant proceedings upon payment of Rs 25.08 lakh.
After this, the company remitted the amount and settled the case with the capital markets watchdog.