India, Oct. 7 -- Fino Payments Bank has settled a case pertaining to alleged disclosure lapses with the Securities Exchange Board of India by paying a settlement amount of INR 5.89 Lakh.

The case pertains to a show cause notice issued by SEBI to the bank in October last year for alleged delays and inadequacy in disclosing material events.

The markets regulator in the notice said that Fino Payments Bank received 15 complaints alleging fraudulent investment schemes being run by its employees. Subsequently, KPMG was appointed to investigate the matter, and it submitted its report on November 8, 2023. However, Fino Payments Bank failed to make adequate disclosure within 24 hours and did not provide subsequent updates as mandated, SEBI alleg...