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Zee Entertainment Enterprises Ltd on Wednesday settled with markets regulator Securities and Exchange Board of India (Sebi) a case pertaining to an alleged violation of regulatory norms.
Zee Entertainment Enterprises Ltd on Wednesday settled with markets regulator Securities and Exchange Board of India (Sebi) a case pertaining to an alleged violation of regulatory norms.
Zee Entertainment Enterprises Ltd (ZEEL) paid ₹7 lakh as a settlement payment to the market regulator Sebi.
Zee Entertainment Enterprises Ltd (ZEEL) paid ₹7 lakh as a settlement payment to the market regulator Sebi.
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The order got here after ZEEL proposed to settle the pending proceedings “without admitting or denying the findings of fact and conclusion of law” via a settlement order.
The prompt adjudication proceedings initiated towards the candidates (ZEEL) vide present trigger discover (SCN) dated July 15, 2022, are disposed of,” Sebi’s Adjudicating Officer Vijayant Kumar Verma stated within the settlement order.
Sebi performed an examination within the scrip of the applicant (ZEEL), to establish any doable violation of the provisions of insider buying and selling norms and SAST (Substantial Acquisition of Shares and Takeovers) throughout January-December 2019 by the applicant.
The regulator in its examination report noticed that ZEEL made delayed disclosure (54 days in three cases and 27 days in two cases) to the exchanges with respect to the invocation of pledged shares.
Therefore, it was alleged that ZEEL violated PIT (Prohibition of Insider Trading) guidelines. Accordingly, the regulator initiated adjudication proceedings towards the Applicant for violating the market norms.
Thereafter, a present trigger discover was issued in July 2022 to Zee Entertainment Enterprises Ltd for the alleged violation of regulatory norms.
Following this, ZEEL filed the settlement software with Sebi and proposed to settle the alleged violations on cost of ₹7 lakh as settlement.
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