Orbis Financial Settles with SEBI: A Corporate Compliance Case

Orbis Financial Corporation Ltd has settled a case with SEBI regarding alleged custodian rule violations by paying Rs 1.6 crore. The settlement was pursued without admitting findings, resolving proceedings initiated by SEBI. Orbis faced allegations of lacking necessary infrastructure, underreporting fees, and improper reporting practices.

Orbis Financial Corporation Ltd has settled allegations of flouting custodian rules with the Securities and Exchange Board of India (SEBI) by paying a settlement amount of Rs 1.6 crore. The settlement allows for the closure of adjudication proceedings without the company admitting or denying the alleged violations.

The case involved multiple infractions, as noted by SEBI, including Orbis's failure to maintain adequate infrastructure, employing competent personnel, and upholding professionalism in managing its custodial business. Orbis was further accused of allowing unauthorized access to physical securities and inadequately paying regulatory fees.

Additional allegations included incorrect reporting practices, delays in handling corporate actions, and failures in monitoring and documenting financial activities. The settlement with SEBI marks a critical resolution for Orbis, addressing these long-standing compliance issues noted in their regulatory filings.

(With inputs from agencies.)