New Delhi, Dec. 17 -- The National Securities Depository Limited (NSDL) has settled a case involving several procedural and systemic lapses with the Securities and Exchange Board of India (Sebi) for Rs.15.58 crore.

In an order released on Wednesday, the market regulator closed the case, in which the depository was accused of violating the Sebi Act, 1992 and the Depositaries Act, 1996 through delays in account freezing, defects in outsourcing agreements, lapses in basic services demat account (BSDA) compliance, and weaknesses in systems governing client securities.

Sebi alleged that NSDL had repeatedly delayed freezing and unfreezing promoter and client accounts after instructions from the stock exchanges or the regulator. In some instan...