SEBI doesn't impose penalty on Axis Capital SEBI



  • Source: India Legal - - Read: 0

    Summary:

     

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    Security and Exchange Board of India’s (SEBI) Adjudicating Officer Parag Basu has disposed of proceedings initiated against the Axis Capital Limited without imposition of any monetary penalty.

    The reason was that the alleged violations of regulation 45 (5) of the Substantial Acquisition of Shares and Takeover (SAST) Regulations, 1997 and Clause 4 and Clause 20 of the Code of Conduct for merchant bankers provided under Schedule III of the Merchant Banker Regulations read with Regulation 13 of Merchant Banker Regulations 1992 has not been established.

    The following are brief facts:Spicejet India Limited (Target Company) made a public offer of 800 Foreign Currency ...

     

     

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