Goldman Sachs settles ODI case with Sebi
Pays Rs26.44 lakh to settle violation on FPI guidelines on offshore derivative instruments
image for illustrative purpose
New Delhi: Goldman Sachs (Singapore) Pte has settled with capital markets regulator Sebi a case pertaining to certain discrepancies in the monthly ODI (offshore derivative instruments) reporting after paying Rs26.44 lakh towards the settlement amount.
The order came after Goldman Sachs, a registered Foreign Portfolio Investor (FPI), which deals in off-shore derivatives instruments, proposed to settle the alleged violations by neither admitting nor denying under the settlement rules.
“It is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant (Goldman Sachs (Singapore) Pte),” said Securities and Exchange Board of India (Sebi) in a settlement order passed on Monday.
In its order, the regulator observed that certain discrepancies in the monthly ODI reporting for the month of March 2022 were identified by the applicant. These were related to a mismatch of investment managers for multi-managed clients with respect to four ODI subscribers and updated details of investment managers or beneficial owners information of three ODI subscribers were not provided in the monthly ODI reporting. Through this, Goldman Sachs allegedly violated rules concerning operational guidelines for FPIs. Goldman Sachs submitted the correct and updated data to Sebi in its monthly reports for the period March 2022 to January 2023.
