Standard Chartered Bank settles case with Sebi in CG Power case, pays Rs 4.97 cr

Standard Chartered Bank has settled with markets regulator Sebi a case pertaining to alleged violations of regulatory norms in the matter of CG Power and Industrial Solutions Ltd after paying Rs 4.97 crore towards settlement charges. The order came after Standard Chartered Bank (SCB) approached Sebi proposing to settle case pertaining to alleged violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules “without admitting or denying findings of fact and conclusions of law”, through a settlement order. “Pending enforcement proceedings for alleged defaults … Are settled qua applicant,” Sebi said in its settlement order passed on Wednesday.