Avance Technologies Pays ₹9.75 Lakh To Settle SEBI Case in Cressanda Solutions Trading Matter
Moneylife Digital Team 19 June 2026
Avance Technologies Ltd has paid ₹9.75 lakh to settle proceedings initiated by market regulator Securities and Exchange Board of India (SEBI) over alleged violations of provisions of the Securities Contracts (Regulation) Act (SCRA) in connection with trading in the shares of Cressanda Solutions Ltd. 
 
SEBI had initiated adjudication proceedings against Avance Technologies for alleged violations of Section 16 of the SCRA read with a SEBI notification dated 3 October 2013, as well as Sections 13 and 18 read with Section 2(i) of the SCRA.
 
According to the market regulator, Avance Technologies had entered into off-market transactions in the shares of Cressanda Solutions without complying with the requirements of a spot delivery contract as prescribed under the SCRA.
 
A show-cause notice (SCN) was issued to the company on 9 July 2025, asking why an inquiry should not be conducted and penalty proceedings initiated under Section 23H of the SCRA.
 
Pending adjudication, Avance Technologies filed a settlement application with SEBI under the SEBI (Settlement Proceedings) Regulations, 2018.
 
The matter was considered by SEBI's internal committee (IC) in March 2026. The committee recommended an indicative settlement amount of ₹9.75 lakh, calculated in accordance with the settlement regulations. The company subsequently submitted revised settlement terms, agreeing to pay the recommended amount.
 
Thereafter, the SEBI high-powered advisory committee (HPAC) reviewed the application and recommended settlement of the proceedings upon payment of ₹9.75 lakh. The recommendation was later approved by the SEBI whole-time members (WTMs) panel in May 2026.
 
Following the approval, SEBI issued a demand notice to the company. Avance Technologies informed the regulator in June 2026 that it had remitted the settlement amount, which SEBI subsequently confirmed.
 
Consequently, SEBI disposed of the adjudication proceedings against Avance Technologies under Section 15JB of the SEBI Act and Regulation 23(1) of the SEBI (Settlement Proceedings) Regulations, 2018. The regulator, however, retained the right to revive the proceedings if it later finds that the company failed to make full and true disclosures or violated any settlement undertakings.
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