IIFL Wealth Management on Friday paid a settlement amount of over Rs 3 crore to markets regulator Sebi to settle a case pertaining to violations of regulatory norms.
The company was alleged to have violated stock brokers’ regulation as well as PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations.
It was alleged that IIFL Wealth Management and IIFL Securities Ltd knowingly manipulated the reference price of Alkem Laboratories for a block deal.
Sebi had conducted an examination of block deals to check any manipulation of reference price considered for execution of block deal trades in the scrip of Alkem Laboratories for the period April to September 2019.
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Pending the proceedings, IIFL Wealth Management proposed to settle the case without admitting or denying the guilt.
The High Powered Advisory Committee of Sebi considered the settlement terms proposed by the company and recommended the case for settlement on payment of Rs 3.12 crore.
Sebi noted that the amount was remitted by the firm dated July 04, 2022.
“Therefore, in view of the acceptance of the settlement terms and the receipt of the settlement amount as above by Sebi, the instant adjudication proceedings initiated against the noticee…dated April 16, 2021, are disposed of,” it added.