Corporate and institutional banking, investment banking, and sustainable finance services provider BNP Paribas has paid Rs39.97 lakh to settle adjudication proceedings initiated by market regulator Securities and Exchange Board of India (SEBI). The settlement stems from allegations that the company violated several provisions of the SEBI Foreign Portfolio Investors (FPI) Regulations 2014 and 2019 in its role as a designated depository participant (DDP). SEBI had initiated proceedings under Section 15-I of the SEBI Act, 1992, alleging that BNP Paribas granted Category II licences to six FPIs that were not eligible under the 2014 regulations. The regulator also stated that the company failed to identify that these FPIs were not regulated by the UK-FCA during their conversion, yet

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