Sebi disposes of adjudication proceedings against Daga

Sebi today disposed of the case against Praveen Daga (HUF) after the entity made a Rs 4.50 lakh payment to settle charges related to trading activities.

"... for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the noticee (Praveen Daga Hindu Undivided Family) to the findings of fact or conclusions of law, the noticee has remitted a sum of Rs 4.50 lakh," Sebi said in its consent order.

According to the market regulator, the consent order disposes of the said adjudication proceedings initiated against the entity.

As per the show cause notice, Praveen Daga HUF "misled the investigation team by providing false information". It was also alleged that the entity gave misleading statement under oath and failed to provide information documents sought during the investigation.

Pending adjudication proceedings, the entity had proposed settlement on September 15, 2011 under the Sebi's consent order mechanism.

Thereafter, Sebi's High Powered Advisory Committee on Consent (HPAC) after deliberations recommended the case for settlement on the payment of the amount. This was also approved by the panel of whole-time members of Sebi.

Sebi noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by Praveen Daga (HUF) is found to be untrue.