Citicorp Investment Bank Settles Rs 36 Lakh Fine for FPI Regulation Breaches

Citicorp Investment Bank (Singapore) Ltd has settled the charges of non-compliance with SEBI's Foreign Portfolio Investors (FPI) Regulations for Rs 36 lakh. The bank had allegedly issued offshore derivative instruments to Symmetry Master Fund Ltd without executing proper KYC norms. The regulatory fee was also deposited after a delay of 69 days from the ODI subscriber. This settlement, made on March 6, 2025, is reflective of SEBI's continuous attempts to bring compliance in the foreign investment segment. The case reiterates the need for stringent compliance with KYC guidelines and prompt payment of fees in the Indian financial markets.

 

Source: Securities and Exchange Board of India (SEBI)