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4h ago

Fino Payments Bank Settles Sebi Disclosure Case With Rs 5.88 Lakh Payment

The order closes adjudication without an admission, prompting a modest early rise in the stock.

Sebi had issued a show cause notice after observing that the bank failed to make timely and complete disclosure of material events involving fraud by its employees.

Overview

  • Sebi said the settlement disposes of adjudication initiated via an October 8, 2024 show-cause notice over disclosure lapses.
  • The regulator alleged the bank failed to promptly disclose a material event tied to 15 complaints of employee-run fraudulent investment schemes.
  • Sebi said Fino received KPMG’s probe report on November 8, 2023 and should have disclosed full details by November 9 with mandated updates.
  • The matter was settled without admission or denial, and both Sebi and the bank described the financial and operational impact as insignificant.
  • Shares rose about 3.7% on the BSE to Rs 310.40 after the order, lifting the market capitalization to roughly Rs 2,542 crore.