SBI-SG Global Settles FPI Rule Violation with Sebi for Rs 29.25 Lakh

SBI-SG Global Securities Services resolved allegations of violating foreign portfolio investor regulations by paying Rs 29.25 lakh to SEBI. The case involved non-compliance in FPI registration, processing delays, and record-keeping. The settlement was approved by SEBI's High Powered Advisory Committee, with an order issued by SEBI's chief adjudicating officer.

SBI-SG Global Securities Services has successfully resolved a case with the Securities and Exchange Board of India (Sebi) concerning alleged violations of foreign portfolio investor (FPI) regulations. The company paid Rs 29.25 lakh in settlement charges as part of the resolution.

The case arose from Sebi's inspection of the firm covering the period from April 2021 to March 2023. During this inspection, Sebi identified certain non-compliances, including the issuance of FPI registrations without proper verification of common ownership. Further issues included processing delays of surrender applications and maintaining incomplete electronic records.

By submitting a revised settlement application, which Sebi's High Powered Advisory Committee approved, SBI-SG Global averted further legal proceedings. However, Sebi retains the right to revisit this settlement under its regulatory framework if deemed necessary in the future.

(With inputs from agencies.)