Fino Payments Bank Settles Fraud Disclosure Case with SEBI
Fino Payments Bank resolved a case with SEBI over failing to disclose employee frauds promptly. The settlement, costing Rs 5.88 lakh, concludes an investigation into the bank's non-compliance with disclosure regulations. Despite an audit report, essential information was not shared within the mandated 24-hour window.
- Country:
- India
On Monday, Fino Payments Bank concluded a regulatory case with the Securities and Exchange Board of India (SEBI) by paying a settlement fee of Rs 5.88 lakh. The issue revolved around the bank's failure to promptly disclose internal frauds linked to its employees.
The case came to a resolution after Fino Payments Bank filed for a settlement with SEBI, agreeing to settle the alleged violations without admitting or denying any findings. The show cause notice dated October 8, 2024, highlighted the bank's shortcomings in adhering to the Listing Obligations and Disclosure Requirements (LODR) Regulations.
SEBI received 15 complaints concerning fraudulent investment schemes involving bank employees. An investigation by KPMG, concluded by November 8, 2023, pointed to significant lapses in the bank's disclosure practices. Despite this, Fino Payments Bank failed to convey the critical information to regulators within the required 24-hour timeframe.
(With inputs from agencies.)
- READ MORE ON:
- Fino Payments Bank
- SEBI
- fraud
- disclosure
- settlement
- regulations
- KPMG
- LODR
- employee
- fraudulent schemes
Google News