L&T, 2 senior officials settle case with Sebi

The Securities and Exchange Board of India has passed a consent order against Larsen and Toubro,non-executive chairman A M Naik and director Shailendra Roy for violating insider trading rules.The company,Naik and Roy together have paid Rs 10.2600000 as consent amount.Consent orders are similar to an out-of-court settlement in securities law parlance. It is a negotiated settlement between the capital markets regulator and an entity or a person, who pay a penalty or undergo a voluntary ban from the stock markets.The regulator said, Land T, Naik and Roy proposed to settle the adjudication proceedings against them "Without admitting or denying the findings of fact and conclusions of law through a settlement order". Sebi shall not initiate any enforcement action against the applicants for the said defaults," the regulator said in an order posted on its website on Wednesday.