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Updated: June 11, 2013 19:10 IST

SEBI rejects five consent pleas

PTI
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The SEBI Head Office at BKC, Mumbai. Photo: Shashi Ashiwal
SHASHI ASHIWAL The SEBI Head Office at BKC, Mumbai. Photo: Shashi Ashiwal

Ever since the revised norms for the consent framework came into effect on May 25 last year, the regulator rejected consent applications count has reached 179.

Securities and Exchange Board of India (SEBI) on Tuesday said it has rejected five consent applications by entities seeking settlement of proceedings against them in regard to their alleged violations of market regulator norms.

With this, the total rejected consent applications by SEBI reached 179, ever since the revised norms for the consent framework came into effect on May 25 last year.

The five rejected consent applications, which took place between April 5 to June 10, include the pleas of S A Portfolio and Gulab Impex Enterprises for violations of takeover norms.

The organisation has also turned down the consent plea of entities involved in an alleged violation of takeover norms in a matter related to Hifunda India.

Moreover, Almondz Global Securities’ plea to settle charges of alleged abuse of merchant-banking norms in PG Electroplast’s IPO has also been denied by SEBI.

The regulator has refused settlement with Rajesh Kapoor for alleged fraudulent trade practices in Sanwaria Agro Oils shares.

SEBI said these pleas have been turned down as they were not found to be in consonance with the consent mechanism. "The pending proceedings in these cases will continue in accordance with law,” SEBI noted.

“The rejection of consent applications, however, shall not prejudice the pending proceedings in any manner,” it added.

Under SEBI’s consent mechanism, companies and individuals can seek to settle a case with the market regulator after the payment of certain charges, without admission or denial of any wrongdoings.

In May last year, SEBI had tightened its regulations for settlement through the consent framework. The regulator has also been making public the names of the rejected applications since earlier this year.

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