IIFL Securities on Friday paid settlement amount of over Rs 2 crore to markets regulator SEBI in order to settle a case.
The company was alleged to have violated stock brokers regulation as well as Prohibition of Fraudulent and Unfair Trade Practices regulation.
It was alleged that IIFL Wealth Management Ltd and IIFL Securities Ltd knowingly manipulated the reference price of Alkem Laboratories for a block deal.
SEBI had conducted an examination of block deals to check any manipulation of reference price considered for execution of block deal trades in the scrip of Alkem Laboratories.
Pending the proceedings, IIFL Securities proposed to settle the case without admitting or denying the guilt.
The High Powered Advisory Committee of SEBI considered the settlement terms proposed by the company and recommended the case for settlement on payment of Rs 2,21,92,125.
SEBI noted that the amount was remitted by the firm in February."Therefore, in view of the acceptance of the settlement terms and the receipt of settlement amount as above by SEBI, the instant adjudication proceedings initiated against the Noticee … dated April 16, 2021 are disposed of,” it added.