ICICI Securities settles case with Sebi by paying Rs 69.82 lakh

New Delhi: ICICI Securities has settled with market watchdog Sebi a case pertaining to alleged violation of regulatory norms after paying Rs 69.82 lakh.

A settlement application was submitted to Sebi in connection with the inspection of books and records for the merchant banking activities of the company, ICICI Securities said in a regulatory filing.

The observations were primarily related to the due diligence process to be followed by the company as a merchant banker, it said.

The company had submitted an application for settlement under Settlement Regulations in respect of the aforementioned matter with a view to avoid any protracted proceedings arising from Sebi's show cause notice, it said.

Following the payment, a settlement order dated August 20, 2024 passed by Sebi has been received by the company on the same day, it added.

Meanwhile, ICICI Securities is seeking regulatory clearance for delisting from bourses.

As per the scheme of arrangement, shareholders of ICICI Securities will get 67 shares of ICICI Bank for every 100 shares they hold.