M3M India settles case with Sebi; pays over Rs 6 lakh

Representative ImageM3M India Pvt Ltd settled a case with Sebi, the markets regulator, over Rs 6 lakh towards settlement fees. The case was about an alleged failure to submit a financial result. The firm was accused of failing to submit half-year results for the period ending September 30, 2020.The Listing Obligations and Disclosure Requirements norms require that a listed entity prepare and submit financial results on a half year basis in a specified format within 45 day of the end. M3M India, however, allegedly failed to comply.In the meantime, the firm submitted a settlement request to Sebi, proposing to settle it without admitting or denying the default. After considering the proposed settlement terms, the high-powered advisory panel recommended that the case be settled upon payment of Rs 628,575.According to the settlement order, the amount was paid by the firm on June 18, 20,21. Sebi stated that the Noticee was disposed of because he accepted the settlement terms and received the settlement amount.