The proceedings followed a SEBI investigation into compliance with provisions of the Securities Contracts (Regulation) Act, 1956 (SCRA), the SEBI Act, 1992 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), relating to banking transactions and inter-corporate security deposits between PMC, APSEZL and its subsidiaries.
SEBI had alleged that Mr Ravi and Mr Adani had violated Regulation 17(8) of Part B of Schedule II of the LODR Regulations and Section 21 of the SCRA.
SEBI had issued a show-cause notice (SCN) to the two applicants on 22 November 2023, asking them to explain why an inquiry should not be conducted and why penalties should not be imposed under Section 15HB of the SEBI Act and Section 23H of the SCRA for the alleged violations.
The applicants, through their authorised representatives Cyril Amarchand Mangaldas, submitted their replies to the SCN in January 2024. Subsequently, they filed settlement applications seeking to resolve the adjudication proceedings under the SEBI (Settlement Proceedings) Regulations, 2018.
During the settlement process, representatives of the applicants held meetings with SEBI's internal committee (IC) on 8 May 2024 and 15 July 2024. The IC recommended an indicative settlement amount of ₹13.65 lakh for each applicant, calculated in accordance with the settlement regulations. The applicants subsequently agreed to pay the recommended amount.
SEBI’s high-powered advisory committee (HPAC), at its meeting on 29 June 2026, recommended that the matter be settled upon payment of ₹13.65 lakh by each applicant. The recommendation was approved by a panel of whole-time members (WTMs) on 13 August 2026.
On 5 September 2026, the applicants informed SEBI that the settlement amounts had been remitted, and the market regulator confirmed receipt of the payments.
Following receipt of the settlement amount, SEBI disposed of the adjudication proceedings initiated through the November 2023 SCN under Section 15JB of the SEBI Act and Section 23JA of the SCRA, read with Regulation 23(1) of the Settlement Regulations, on the basis of the settlement terms.
SEBI, however, clarified that the settlement order does not prejudice its right to take action under Regulation 28 of the settlement regulations, including restoring or initiating proceedings covered by the settlement order if any representation made by the applicants is subsequently found to be untrue, if they breach any undertaking or waiver submitted during the settlement proceedings, or if a discrepancy is found in arriving at the settlement terms.
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