Mumbai: Capital market regulator Sebi has rejected consent applications of Religare Portfolio Managers and Advisors and 10 other entities that sought settlement of proceedings with regard to alleged violations of its norms.
The rejected consent applications include pleas of Mahesh Himatlal Sheth and Harish Gangaram Agrawal.
The regulator has also refused settlement with Rama Devi Saraf, Aradhita Saraf, Shyam Sunder Saraf, Sujata Saraf, Dev Saraf, Tower Properties, Surface Holdings, Saraf Holdings for violating 'Takeover norms' in the matter of Comfort Fincap Limited.
Sebi said these pleas have been turned down as they were not found to be in consonance with the consent mechanism. "The pending proceedings in these cases will continue in accordance with law," the regulator noted.
"The rejection of consent applications, however, shall not prejudice the pending proceedings in any manner," it added.
Under Sebi's consent mechanism, companies and individuals can seek to settle a case with the market regulator after the payment of certain charges, without admission or denial of any wrongdoings.
In May 2012, Sebi had tightened its regulations for settlement through the consent framework. The regulator has also been making public the names of the rejected applications since January last year.
