Goldman Sachs pays Rs 26.44 lakh to settle FPI guidelines violation case with Sebi, ET LegalWorld | Court Practice News

Goldman Sachs (Singapore) Pte has settled with capital markets regulator Sebi a case pertaining to certain discrepancies in the monthly ODI (offshore derivative instruments) reporting after paying Rs 26.44 lakh towards the settlement amount. The order came after Goldman Sachs, a registered Foreign Portfolio Investor (FPI) which deals in off-shore derivative instruments, proposed to settle the alleged violations by “neither admitting nor denying” under the settlement rules.

“It is hereby ordered that any proceedings that may be initiated for the violations… are settled in respect of the applicant (Goldman Sachs (Singapore) Pte),” the Securities and Exchange Board of India (Sebi) said in a settlement order passed on Monday.

In its order, the regulator observed that certain discrepancies in the monthly ODI reporting for the month of March 2022 were identified by the applicant.

These were related to a mismatch of investment managers for multi-managed clients with respect to four ODI subscribers and updated details of investment managers or beneficial owners information of three ODI subscribers were not provided in the monthly ODI reporting.

Through this, Goldman Sachs allegedly violated rules concerning operational guidelines for FPIs.

Goldman Sachs submitted the correct and updated data to Sebi in its monthly reports for the period March 2022 to January 2023. Thereafter, it filed the present application for the purpose of settling the enforcement proceedings that may be initiated against it for non-compliance with operational guidelines for FPIs.

  • Published On Sep 20, 2023 at 06:18 PM IST

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