The settlement order comes after the individuals filed an application with the regulator seeking a settlement of the matter without admitting and denying the alleged violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
In a settlement order passed on Thursday, Sebi said that “enforcement proceedings for the alleged defaults …settled qua the applicants”.
It was alleged that the applicants had indulged in fraudulent and unfair trade practices in the scrip of Mishka Finance and Trading (formerly known as Pyramid Trading Pvt Ltd).
Subsequently, the applicants had filed an application for settlement and paid a total amount of Rs 3.22 crore towards settlement fee and accordingly, the regulator settled the case.
In a separate settlement order on Friday, one Yogesh Pratapsinh Jadhav settled a case of alleged violation of PFUTP norms with the regulator by paying Rs 19.12 lakh towards the settlement charges in the matter of Kanchan International Ltd.
Sebi said that “proceedings initiated against the applicant (Jadhav)…are hereby disposed of”.