Foreign portfolio investor Raselle Capital VCC has settled a case related to the alleged violation of FPI rules with capital markets regulator Sebi after paying Rs 1.23 crore as settlement charges.

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The order came after Raselle Capital proposed to settle the instant proceedings initiated against it without "admitting or denying the findings of facts and conclusions" of the law.

The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against the applicant (Raselle Capital VCC) for the alleged violations of Sebi's Foreign Portfolio Investors (FPI) rules and other market norms.

Further, a show cause notice (SCN) dated December 18, 2023, was issued to the applicant by the markets watchdog for the alleged violations.

Thereafter, the applicant filed a settlement application with the regulator in terms of the provisions of Sebi's (Settlement Proceedings) regulations to settle the matter.

Pursuant to the receipt of the application, Sebi's High Powered Advisory Committee (HPAC) recommended to settle the matter on payment of the settlement amount.

"...In view of the acceptance of the settlement terms and the receipt of settlement amount by Sebi, the instant adjudication proceedings initiated against applicant vide SCN dated December 18, 2023, is disposed of in terms of of the Settlement Regulations on the basis of the settlement terms," Sebi's Adjudicating Officer Barnali Mukherjee said in the order.

Subsequently, Raselle Capital VCC paid the amount and settled the case.