Citibank N.A., acting as a designated depository participant (DDP), has paid Rs 40.2 lakh to settle allegations of violations related to the Foreign Portfolio Investors (FPI) Regulations and the Code of Conduct under Depositories and Participant Regulations.
The violations related to duplication of the client’s wet ink signature without his or her consent. Sebi, the markets regulator, said Citibank had filed a settlement application in which an entity proposes to pay Rs 40.2 lakh towards settlement charges and also suggested some measures for remedial actions to beef up its internal controls.
Sebi’s internal committee mediated into the terms of settlement that were corrected reviewed the sum to be imposed, and it was confirmed in the meeting that happened on 7th May, 2024, the case was settled without Citibank admitting to nor denying the findings.
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Source: Moneycontrol
News Desk
