Executives of Adani Ports and Special Economic Zone (APSEZ), specifically Managing Director Karan Adani and Chief Financial Officer B Ravi, reached an agreement regarding administrative proceedings with the securities market regulator, the Securities and Exchange Board of India (Sebi), concerning matters related to PMC Projects.
Under the settlement mechanism, both representatives contributed 13.65 lakh rupees each. After receiving these amounts from both applicants, Sebi closed the case on September 5th.
Previously, the regulator had issued a warning to both executives on November 22, 2023, requiring them to justify their position. The Sebi investigation covered compliance with the provisions of the Securities Contracts (Regulation) Act, 1956, the SEBI Act, and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2015, regarding transactions between PMC Projects and APSEZ and its subsidiaries.
The settlement order notes that the investigation concerned banking operations and interbank collateral deposits between PMC Projects (India), APSEZ, and its subsidiary structures.
Subsequently, authorized representatives submitted responses and settlement applications in January 2024 in accordance with the SEBI Settlement Regulations, 2018. The recommendation of the High Level Advisory Committee on settlement terms was approved by the Sebi full-time members' committee on August 13th. Upon receipt of the settlement funds, Sebi concluded the administrative proceedings in accordance with the settlement regulations.