City-based Alankit Assignments Wednesday settled proceedings with regulator Sebi by paying nearly Rs 59 lakh towards settlement charges for alleged violation of stock broker regulations.

(HPAC) considered the settlement terms proposed by the entity and recommended the case for settlement upon payment of Rs 58.96 lakh.

The panel of whole time members of Sebi also accepted the recommendations of the HPAC.

It was alleged that Alankit Assignments had failed to carry out the actual settlement of funds and securities of active and inactive clients from April 2012 to February 2015, thereby violating stock brokers and sub-brokers regulations.

Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.

Alankit paid its settlement amount following which Securities and Exchange Board of India (Sebi) settled the case.

However, Sebi said if any representation made by the entity in the settlement proceedings is subsequently discovered to be untrue, it may take enforcement actions against the entity.

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