Yes Bank, Goldman Sachs settle Sebi probe
Private sector lender Yes Bank and Goldman Sachs on Friday settled a Sebi probe into alleged violation of listing and disclosure norms as well as merchant banker regulations, respectively.
Individually, Yes Bank has paid ₹40.8 lakh, while Goldman Sachs (India) Securities Pvt Ltd has remitted ₹20.80 lakh towards settlement fees, the regulator said in separate orders. The Sebi agreed to settle proposed adjudication proceedings in the case, pertaining to alleged violation of listing and disclosure requirements as well as code of conduct for merchant bankers after it was approached by Yes Bank and Goldman Sachs, respectively, with a plea under the settlement regulations.
Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt. In the settlement order passed on Friday, Sebi said it has disposed of the adjudication proceedings initiated against Yes Bank and Goldman Sachs.
It was alleged that the private sector bank had violated LODR (Listing Obligation and Discloated sure Requirement) norms, while Goldman Sachs did not comply with the merchant banker regulations in the matter of Yes Bank.
The Securities and Exchange Board of India (Sebi) had initi- adjudication proceeding against both the entities in December 2016. While the adjudication proceedings were in progress, the private sector bank and the merchant banker had approached Sebi to settle the case on payment of settlement charges.
Thereafter, Sebi’s high powered advisory committee recommended the case for settlement on the payment of ₹40.80 lakh for Yes Bank and ₹20.80 lakh for Goldman Sachs. This was also approved by the regulator’s panel of whole-time members, following which they remitted the amount.
NEW DELHI: