The Securities and Exchange Board of India (SEBI) has concluded its investigation into Spandana Sphoorty Financial Ltd. (SSFL) for alleged disclosure and listing regulation violations, accepting a settlement of Rs 38 lakh. The settlement was approved on July 25, and the payment was confirmed on August 9.
SEBI issued a show-cause notice to the non-banking financial company on January 4, which proposed a settlement on March 5. The regulator’s committee recommended a settlement payment of Rs 38 lakh.
The settlement order, passed on Wednesday, takes immediate effect. SEBI warned that further action could be taken if the terms of the settlement are violated.
SSFL, registered with the Reserve Bank of India since April 2015, listed its shares on the BSE and NSE in August 2019 following its initial public offer. The company’s shares closed 1.74% higher at Rs 618 apiece on the BSE, outperforming the benchmark Sensex’s 0.13% gain.
