Krosslink Infrastructure today settled a case with markets regulator Sebi related to alleged fraudulent trading after paying Rs 3.06 lakh.
According to a Sebi order, the regulator had initiated adjudication proceedings against Krosslink in the matter of Horizon Infrastructure -- presently known as SKIL Infrastructure -- for the alleged violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations.
The settlement terms proposed by the firm were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 3.06 lakh. This was accepted by the panel of whole time members of Sebi.
On December 11, Krosslink paid the settlement amount of Rs 3.06 lakh, following which the Securities and Exchange Board of India (Sebi) settled the adjudication proceedings.
However, the regulator said if any representation made by the firm in the settlement proceedings is subsequently found to be untrue, enforcement actions including restoring the proceedings can be initiated against it.
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