JP Morgan Chase Bank settle case with Sebi

New Delhi: JP Morgan Chase Bank N.A on Friday settled with markets regulator Sebi a case pertaining to alleged violations of FPI rules on payment of Rs 22.10 lakh towards the settlement amount.

The matter has been settled by JP Morgan Chase Bank (JPMC) through a settlement order "without admitting or denying the findings of fact".

"It is hereby ordered that the instant adjudication proceedings initiated against JPMC vide show cause notice (SCN) dated September 23, 2022, and supplementary show cause notice (SCCN) dated December 29, 2022, is disposed of," Sebi's Adjudicating Officer Asha Shetty said in a settlement order.

Sebi had received a letter in August 2021 from JPMC, wherein the regulator was informed about the delay in intimation of change in material information (merger) of Fidelity Investments Money Management (FIMM), which was registered as FPI, with its affiliate Fidelity Management & Research Company (FMRC).

Pursuant to receipt of the communication, the market watchdog conducted an examination and observed that the merger of FIMM with FMRC was resulted in cessation of FIMM, the entity which was registered as FPI.