The Securities and Exchange Board of India (Sebi) has rejected State Bank of India's plea for settlement of an ongoing probe against the bank for alleged violations of various clauses of debenture trustee norms and code of conduct regulations.
Apart from SBI, the market regulator has also rejected consent settlement applications of 24 other entities including those related to irregularities at the erstwhile Bank of Rajasthan, as also for alleged fraudulent trade practices and other violations by some market entities with regard to certain IPOs. The regulator stated that SBI was being probed for "alleged violation of regulations" contained in as many as 11 sections, sub-sections and clauses, including those related to the Code of Conduct, of the Sebi (Debenture Trustees) Regulations.
With this, the total rejected consent applications by Sebi reached 204 nos, ever since the revised norms for consent framework came into effect on May 25, 2012. "The pending proceedings in these cases will continue in accordance with law," Sebi said adding: "The rejection of consent application, however, shall not prejudice the pending proceedings in any manner."
Further, Sebi has also turned down such pleas of One Life Capital Advisors and six individuals - A P Shukla, T K P Naig, Dhanjay Parikh, Tushar Shridharani, Pandoo Naig and T S Raghavan--for alleged violations of various regulations related to disclosure norms, listing agreement and fraudulent trade practices.