Market regulator SEBI today settled and passed a consent order in a case against B P Equities on payment of Rs 5 lakh for the company’s alleged failure to exercise due diligence in conducting business as a broker.
The case relates to allegations about B P Equities helping its clients to engage in circular trading.
SEBI, however, did not provide details regarding the clients.
“The Noticee (B P Equities) has remitted a sum of Rs 5 lakh… this consent order disposes of the said proceedings…,” the Securities and Exchange Board of India (SEBI) said while passing the consent order.
In a consent order, the company or person pays the settlement fee without denying or admitting the guilt.
SEBI had last year decided to look into the alleged violations.