ICICI Securities Resolves SEBI Case with Rs 69.82 Lakh Settlement

ICICI Securities has resolved a regulatory case with the Securities and Exchange Board of India (SEBI) by paying a settlement of Rs 69.82 lakh. The issue pertained to alleged violations in the due diligence process for merchant banking activities. The payment avoids further legal proceedings.

ICICI Securities has reached a settlement with SEBI, paying Rs 69.82 lakh to resolve allegations of regulatory infractions. The case revolved around the firm's due diligence practices in its merchant banking operations, as identified during an inspection of its records.

The company submitted a settlement application to SEBI to preclude prolonged legal proceedings following a show cause notice. On August 20, 2024, SEBI issued a settlement order, bringing the matter to a close.

In related news, ICICI Securities is pursuing the delisting of its shares from stock exchanges. Under the proposed scheme of arrangement, shareholders will receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities they hold.

(With inputs from agencies.)