New Delhi, April 10 (IANS): The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank upon the payment of Rs 1.24 crore by the lender.

SEBI had issued a show-cause notice dated March 16, 2023, to Utkarsh Small Finance Bank whereby the markets regulator had alleged violations of certain provisions of the Listing Obligations and Disclosure Requirements (LODR) Regulations.

Subsequently, the bank filed a settlement application in this regard. The bank’s settlement application and the SCN were disposed of by SEBI pursuant to the present settlement order.

“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 applicants vide SCN dated March 16, 2023, is disposed of in terms of Section 15JB of the SEBI Act read with Regulation 23(1) of the settlement regulations based on the settlement terms," the SEBI order said.

SEBI also said that pending the adjudication proceedings, the applicant proposed to settle the instant proceedings initiated against it, without admitting or denying the findings of facts and conclusions of law, through a settlement order and filed a settlement application with SEBI.

After attending a meeting with the internal committee of SEBI on January 16, 2024, in terms of the settlement regulations, the applicant vide letter dated January 27, 2024, proposed the revised settlement terms.

The High Powered Advisory Committee ('HPAC) considered the settlement terms proposed and recommended that the case may be settled upon the payment of Rs 1.24 crore by the applicant as settlement amount towards the settlement terms.