The Securities and Exchange Board of India (SEBI) has reached a settlement with Central Depository Services (India) Limited (CDSL) with respect to adjudication proceedings for alleged violations of certain provisions.

What Happened: The settlement involved CDSL paying around ₹1.30 crore without admitting or denying the findings of facts and conclusions of law, the regulator announced on Tuesday, August 27.

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The alleged violations pertained to clauses in SEBI circulars and operational frames for transactions in defaulted debt securities, non-convertible securities, securitised debt instruments, security receipts, municipal debt securities and commercial paper.

CDSL filed the settlement application on January 11, after SEBI initiated the adjudication proceedings. The High Powered Advisory Committee (HPAC) of SEBI recommended the settlement upon payment of the aforementioned amount.

SEBI confirmed the receipt of the settlement amount on August 12. The order passed on August 27, disposes of the adjudication proceedings initiated against CDSL.

Earlier in the day, ICICI Securities downgraded the stock’s rating to “reduce” from “hold”.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.