Angel One Settles SEBI Disclosure Lapse Case for ₹34.57 Lakh

Brokerage firm Angel One Limited settled a case with the Securities and Exchange Board of India (SEBI) by paying ₹34.57 lakh. The settlement addresses allegations of disclosure lapses, specifically the failure to disclose material developments concerning the company's proposed scheme of arrangement and a delay of approximately two hours in disclosing the outcome of a meeting held on August 9, 2023. These actions were found to be in violation of SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations. Angel One had filed a settlement application with SEBI, proposing to resolve the proceedings without admitting or denying the findings. SEBI has now disposed of the adjudication proceedings following the receipt of the settlement amount.

Impact: This settlement signifies a regulatory penalty for disclosure failures, which can impact investor confidence and highlight the importance of timely and accurate disclosures for listed companies. While the amount is not excessively large for a listed entity, it serves as a reminder of SEBI's oversight. (Rating: 5/10)

Difficult Terms: * SEBI (Securities and Exchange Board of India): The primary regulator of the securities market in India. * Scheme of Arrangement: A court-approved agreement between a company and its shareholders or creditors, often involving mergers, amalgamations, reconstructions, or capital reductions. * LODR Regulations (Listing Obligations and Disclosure Requirements Regulations): Rules set by SEBI that listed companies must follow regarding corporate governance, disclosure of material events, and other listing requirements.