$KFINTECH

$KFINTECH KFin Technologies has settled adjudication proceedings initiated by Sebi by agreeing to pay Rs 87.75 lakh. The case pertained to alleged lapses in due diligence and compliance requirements under the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, ***** market regulator had conducted an inspection of KFin Technologies between February 19-23, 2024, for the period from February 1 to November 30, 2023. The inspection report alleged that the company failed to exercise due diligence while processing requests for dematerialisation of shares and did not mark over 17.9 lakh folios without PAN details and 17.7 lakh folios without bank account details for enhanced due diligence as required under Sebi’s circulars and master ***** the issuance of a show-cause notice in July 2024, KFin Tech filed a settlement application in August 2024, seeking to resolve the matter without prolonged litigation. The internal committee of Sebi initially recommended an indicative amount of Rs 87.75 lakh under the settlement framework, which was later agreed upon by the company.