After contributing Rs 26.44 lakh toward the settlement sum, Goldman Sachs (Singapore) Pte settled with capital markets regulator Sebi a matter involving some inconsistencies in the monthly ODI (offshore derivative instruments) reporting.
The order came after Goldman Sachs, a registered Foreign Portfolio Investor (FPI) that deals in off-shore derivative 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),” the Securities and Exchange Board of India (Sebi) said 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.
In its monthly reports for the period from March 2022 to January 2023, Goldman Sachs provided Sebi with accurate and updated data. After that, it submitted the current application in an effort to settle any enforcement actions that might have been brought against it for failing to follow the FPI operational rules.