SEBI settles case against Transworld Securities for Rs 2.5 lakh

Capital market regulator SEBI today passed a consent order in a case against Transworld Securities on payment of Rs 2.500000 for its alleged failure to exercise due diligence in conducting business.The case relates to allegations about Transworld Securities not maintaining proper records, including Know Your Customer ( KYC ) forms and not seeking adequate proof of identity and address of clients.SEBI, however, did not provide details regarding the clients."The Noticee (Transworld Securities) has remitted a sum of Rs 2.500000... this consent order disposes of the said proceedings...," the Securities and Exchange Board of India (SEBI) said while passing the consent order.In a consent order, the company or person pays the settlement fee without denying or admitting the guilt.SEBI had in 2009 decided to look into the alleged violations.Even as the proceedings were in progress, Transworld Securities had in February this year made an application for settlement of proceedings through a consent order without admitting or denying the guilt.