SEBI slaps fine of Rs.1 Crore on Citigroup Global Markets (Mauritius) Ltd

In exercise of the powers conferred under section 15-I (2) of the SEBI Act, 1992, read with Rule 5 of SEBI Adjudication Rules, I hereby impose a penalty of Rs. 1,00,000,00/- (Rs. One Crore only) on Citigroup Global Markets (Mauritius) Ltd. under section 15HB of SEBI Act, 1992 for the violations established in the below paragraph.

The conduct of CGMML has thus been in violations of SEBI circular dated August 8, 2003 read with Regulation 20 of FII Regulations and Regulation 13 (1) of FII Regulations and for which adjudication penalty is imposable in terms of Section 15HB of Securities and Exchange Board of India Act, 1992. The Section 15HB of SEBI Act, 1992, reads as under:-"Penalty for contravention where no separate penalty has been provided. - Whoever fails to comply with any provision of this Act, the rules or the regulations made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be liable to a penalty which may extend to one crore rupees.)"

Citigroup Global Markets (Mauritius) Ltd shall pay the said amount of penalty by way of demand draft in favour of "SEBI- Penalties Remittable to Government of India", payable at Mumbai within 45 days of receipt of this order. The said demand draft should be forwarded to Mr. R Ravichandran, Chief General Manager, ISD, Mittal Court, 1st floor, B- Wing, 224, Nariman Point, Mumbai 400 021.

Source : Equity Bulls

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