Brightcom’s Cleanup Act—₹35.4 Lakh Settlement Ends Financial Probe

Image Source: MoneyControl

Brightcom Group Ltd has officially settled its case with SEBI, following allegations of financial misstatements and frauds for several financial years. The Securities and Exchange Board of India (SEBI) approved the settlement order, with senior executives paying fines and agreeing to bans on their further association with the company.

Key Highlights

Settlement Amounts Paid: Three former officials collectively paid ₹35.4 lakh to resolve the case.

SEBI’s Findings: The investigation uncovered misstatements in financial reports from 2014-15 to 2019-20.

Executives Involved:

K Jayalakshmi Kumari (former audit committee member) paid ₹12.35 lakh and is barred from associating with Brightcom Group for two years.
K Anusha (former compliance officer) paid ₹10.72 lakh and is restricted for one year.
V Sri Lakshmi (ex-compliance officer) paid ₹12.35 lakh and is restricted for two years.

Regulatory Action: SEBI has the option to reopen the case in case of breach of settlement terms.

Industry Impact & Future Outlook

The settlement concludes the SEBI investigation into the accounting practices of financial reporting by Brightcom Group, making corporate governance more transparent and accountable.

Sources: The Hindu BusinessLine, Moneycontrol, CNBC TV18, SEBI Official Order